I wrote a little bit about this earlier this year, but now I can bring you more details…Tanishq, the Indian jewerly chain, will open two stores in the U.S. next April, in Chicago and New Jersey (Short Hills.) The ultimate goal is for a twenty-store chain.
While the stores will bear the same name as the Indian chain, they will have an entirely different product mix, geared for American audiences, according to Bhaksar Bhat, managing director of Titan Industries, Tanishq’s parent company. The products will be all built around certain “themes,” he says, “many of them Eastern themes, like Zen and Yoga.” It is meant to be a kind of “New Age” jewelry store.
The stores will aim for “mid-market” price points (about $1,500 average), and will feature mostly diamond jewelry. There will be interactive elements, and the company wants to make the shopping experience “less intimidating” for consumers.
This is all just a “pilot,” Bhat says, and the company deliberately chose two different faraway markets to get a sense of what works. If it’s successful, it could only help the company’s brand back in India, as an Indian brand being successful overseas will have extra cache in the domestic market, Bhat says.
Bhat also noted that Gitanjali, an Indian company, recently purchased Samuels, and doesn’t rule out his company purchasing its own U.S. jewelry chain down the line.