Mia by Tanishq ramps up retail expansion, aims for ₹2,000 crore revenue

Precious fine jewellery brand Mia by Tanishq has been witnessing rapid growth over the past five years and has recently crossed the ₹1,000 crore milestone in terms of revenues. The brand, which has been strengthening its omni-channel strategy, expects to end the fiscal year with a retail footprint of 230 exclusive stores. The brand is next aiming to get to ₹2,000 crore in revenues over the next few years.

“We have grown 10 x in the last five years. In 2020, we were at about ₹100 crore and now we have crossed ₹1,000 crore in revenues. It is just the beginning of what promises to be a good growth trajectory for the brand. With rising gold prices, 14 karat is coming of age and people are becoming more amenable to it. At the same time, more consumers are willing to experiment, flaunt their sensibilities and try out new designs. We are checking all the right boxes. We are fairly confident that we have the playbook in place and we will achieve the ₹2,000 crore milestone in the next couple of years,” said Shyamala Ramanan, Business Head, Mia by Tanishq.

While the urban slowdown has led to a cutback on overall discretionary spending in recent quarters, the brand is continuing to see a strong growth trajectory due to its contemporary collections and favourable price points. “ The gifting segment also continues to be strong. Nearly 50 per cent of our sales come from gifting,” she added.

The brand has been rapidly expanding its distribution network with a focus on an omni-channel strategy. “ We will close this fiscal with about 230 stores with addition of 60 new stores. We are planning to expand even more rapidly in the coming years and have about 400 stores in the next few years,” Ramanan stated. The brand will look to expand in tier-1 and 2 towns while continuing to grow its presence in metros.

The jewellery brand has also been strengthening its presence in the online channel and also has a presence on the quick commerce channel. It recently partnered with Swiggy Instamart to make its silver jewellery available across 35 cities. “ We began the pilot with Swiggy Instamart with just three cities which has rapidly scaled up to 35 cities. We have a bunch of products under Rs 2000 in the silver jewellery segment, which are working very well on the quick commerce channel. So while the e-commerce channel is growing, our omni-channel business has doubled last year. ,” she explained.