Sales, Profits Soar at India Jewelry Seller Tanishq
June 27, 04
Sales at Indian branded jewelry firm Tanishq surged 26 percent to 4.16 billion rupee ($90.8 million) during the financial year 2003-04 from 3.31 billion rupee ($72.2 million) in 2002-03.
Meanwhile, pre-tax profit rose even more dramatically – up 160 percent to 140 million rupee ($3.1 million) from 53.7 million rupee ($1.2 million) a year earlier.
Tanishq said the firm was now among India’s top three retailers, crediting the growth in sales and profits to a ‘robust business strategy, new customer acquisitions and operational efficiency’.
The company added that it is looking to push even further ahead, aiming to double its turnover in the next two to three years and become India’s leading retail brand.
It plans to increase its retail presence to 75 outlets in the next 18 months from its current 67 outlets in 52 cities.