12 Key Trends That Are Defining the Industry Today
The Indian retail jewellery industry is experiencing a wave of expansion and transformation in the post-pandemic era. From expansion of chain stores into international markets, and the establishment of dedicated bridal studios, to a focus on smaller towns newer players entering the market, and more, Vijetha Rangabashyam identifies key trends within the branded retail jewellery space
1. Chain stores expanding beyond borders
Indian retail jewellery chain stores are making significant strides in exploring international markets, thus expanding their reach beyond domestic boundaries. This trend highlights the growing recognition and demand for Indian jewellery brands globally. With their exquisite designs, craftsmanship, and commitment to quality, these chain stores are capturing the attention of Indian customers worldwide.
One notable example is Tata Group's Tanishq, which recently launched its first store in the United States. Tanishq aims to cater to the evolving needs of Indian Americans, a community that makes up a significant portion of the country's population. With jewellery store sales in the US estimated at $33.2 billion in 2020, Tanishq recognizes the tremendous potential of the American market. The brand's foray into the US market builds upon its successful e-commerce presence and positive community feedback.
Tanishq, a brand in Titan's portfolio, plans to launch 18 new international stores in the next fiscal year. This strategic expansion aims to capitalize on its growing popularity, and meet the increasing demand for its exquisite jewellery designs worldwide. Malabar Gold & Diamonds is another prominent Indian jewellery retail chain that continues its rapid expansion globally. The company recently opened its 300th showroom in Dallas, Texas, marking its third store in the US. This milestone establishes Malabar Gold and Diamonds as the sixthlargest jewellery retailer globally, with a robust network of 300 showrooms across 10 countries. Malabar Group, has also made its entry into the European continent with the opening of a new showroom in London. This marks an important milestone for the brand, as it expands its presence in the global market. MGD's expansion plans extend beyond Europe, with new stores planned for Australia, Canada, South Africa, Egypt, Bangladesh, Turkey, and New Zealand.
Our global showroom count currently stands at 307. In 2023, we have plans to open 68 showrooms. We have set up showrooms in the US and the Middle East, and are planning to launch outlets in Australia, UK, Canada, Turkey, Egypt, Bangladesh and South Africa. This is in line with our goal to become the largest jewellery retailer in the world by 2030