Titan eyes ₹45 crore sales in 2019 from saree brand Taneira
At present, the brand has four stores—two each in Bengaluru and Delhi—including the newly launched store
New Delhi: Taneira, the saree brand from Titan Co. Ltd, is aiming to double its existing business to touch ₹40-45 crore in revenue in 2019, said the company’s managing director Bhaskar Bhat at the launch of brand’s biggest flagship store in New Delhi.
“Our primary target is to open 10 stores in the next 12-18 months in the top 15 cities of the country. Currently, we are doing between ₹30 lakh and ₹70 lakh a month per store. We will end this year with ₹20 crore in revenue, which we want to more than double and take it to ₹45 crore by next year,” Bhat told Mint.
Spread over 7,500 sq. ft, the store stocks sarees for all occasions, bridal lehengas, stoles, dupattas and dress material. It is also offering ready-to-wear blouses, customization and tailoring services.
Taneria was soft launched in February 2017 at Bengaluru’s upscale Indiranagar, marking its entry into the women’s wear segment. The 6,000 sq. ft handloom store was targeted mostly at the young urban woman looking for traditional Indian weaves with contemporary designs. At present, the it has four stores—two each in Bengaluru and Delhi—including the newly launched store.
Titan wants to reach not just the metros but also Tier I cities where demand for high-quality branded sarees is increasing. The company is looking to open stores in cities such as Mumbai, Hyderabad, Chennai, Patna, Lucknow and Indore.
“Similar to the jewellery market, when we began, this 5,000-year-old category is a large, unorganized market and underserved in terms of authenticity of the product,” said Bhat. “Seeing the tremendous reception we have had in our pilot stage of the business, we are confident this venture will be an opportunity for us to build relevance and enable transparency and authenticity for the customer.”
With an average ticket size of ₹8,000, Kanchipuram (handwoven silk sarees from Tamil Nadu), Benarasi (silk sarees from Varanasi), Bhagalpuri (silk sarees from Bihar) and south silks are the top selling varieties of sarees at Taneira. The brand is sourcing its products from over 400 weavers’ communities and cooperative societies across India.
Titan is looking to turn the largely unorganized saree business into a organised one by catering to the mid-premium to premium segment of the market with a starting price of ₹2,000, which can go up to ₹2 lakh. The brand competes with organised saree retail chains such as Nalli Silk as well as Meena Bazaar.
According to Rajat Wahi, partner at Deloitte India, sarees—as a category—is exciting but equally challenging because it is stock keeping unit (SKU) intensive, assortment sensitive and has design complexity.
“Besides colour cosmetics, sarees are one of the most complicated categories since a brand has to predict designs and colours which will work across different geographies.The category is also undergoing fundamental changes owing to evolving consumer preferences which makes it even more challenging,” Wahi said.
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