Tanishq, the jewellery brand of Titan Industries, on Friday said it will expand operations in foreign markets, particularly the US, to increase income from exports.
"Among the overseas markets, Tanishq has presence in the Middle East with exports of over Rs 43 crore (Rs 430 million). We have plan to enter the US market soon," Tanishq retail sales and marketing general manager V Govind Raj told PTI in Mumbai.
The new international business division set up by Titan Industries will look after the international business of the watch and jewellery segment, he added.
Tanishq, which has 70 retail outlets in India, will also increase the number of outlets in the domestic market.
"We have 70 outlets currently spread across more than 50 cities and plan to add another 20 by the end of this fiscal," Govind Raj said.
Of this, five new stores would be added within the next 10 days, he added.
With regards to the turnover of the company, he said the company expected to grow by 30-35 per cent.
"We have been growing at a compounded annual growth rate of 30-35 per cent and hope to sustain that and end the fiscal with a turnover of Rs 750 crore (Rs 7.5 billion) and take it to Rs 2,000 crore (Rs 20 billion) by 2009-10.
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