Titan Industries has decided to close down its two branded jewellery stores, Tanishq, in the United States of America.
The stores had resulted in a charge of Rs 29.02 crore to the profit and loss account of Titan, according to the announcement made on BSE.
Tanishq Boutiques opened in Chicago and New Jersey in 2008. The company-owned stores were opened on pilot basis. Tanishq had earlier announced its plans to become a nationwide chain in US but has now decided to stay away from the US market.
Tanishq, however, did not offer any reasons for the closure.
Currently, Tanishq has 115 boutiques and two Zoya stores across 70 cities in India. There are plans to open four new Tanishq stores this fiscal, informs Alpana Parida, head- marketing and merchandising, Tanishq. Meanwhile, Titan Industries reported 36.3 per cent increase in jewellery sales with a turnover of Rs.2,763.20 crore for FY 2008-09.
—Ananya Saha
