India’s Titan Company, which owns Tanishq, the largest jewellery brand in the country, with a footprint across all geographic regions, is looking to boost Mia, a low-priced brand, to achieve a ₹1,000 crore ($150 million) turnover in five or six years. The group plans to more than double the number of Mia stores by the end of this year by adding another 25.
Operated under the Tanishq umbrella, the eight-year-old Mia brand is aimed at younger women looking for innovative designs at inexpensive prices that are suitable for daily wear. Titan has now formed a separate team for Mia and increased the brand’s annual number of collection launches from three to around six. It also intends to move product ranges from gold and diamonds to silver and even crystal.
Tanishq Vice President for Retail & Marketing Sandeep Kulhalli has been quoted as saying that positioning is all-important for the Mia brand, which seeks to be viewed as being aspirational and fashion-driven.
The move is a major departure from the route Tanishq has taken to succeed in the Indian market. The wedding market generates 35 percent of all Tanishq’s sales from its 250 outlets. The brand’s non-bridal product offering is also more traditional, starting at the ₹20,000 ($300) price point and moving upward. Mia on the other hand, offers product ranging from ₹4,000 ($60) to ₹30,000 ($450) with gold and semi-precious-gemstone jewellery forming the bulk of its range.
Kulhalli said the Mia launch was aimed at first-time jewellery buyers and women self-purchasers. That segment has now expanded significantly with more women in the workplace and increased disposable income. Thus Titan sees major growth possibilities for the segment even as it maintains its position in the high-value wedding market, which continues to be the mainstay of all jewellery retail in the country.
Titan reported a turnover of ₹5,655 crore ($844 million) for fiscal 2018, up 20 percent from the previous year. Profit was up 52 percent at ₹1,571 crore ($234 million).