Taneira, the women’s ethnic wear brand from Titan, the TATA group company, is planning to become a Rs 1,000 crore brand by FY 2027. It also aims to take the total store count to more than 200 by FY 2027, Ambuj Narayan, CEO, Taneira told ETRetail.
Launched in 2017, Taneira currently boasts of 50 stores across 25 cities. Recently, the brand launched its 50th store in Delhi spanning across 1,800 sq.ft.
“By the end of this fiscal, we plan to take the total store count to 80. We will continue opening stores in metro and tier I cities, but the focus will now shift to tier II and tier III,” he explained.
“And more than 80 per cent of the stores that we are planning to open will be franchise-owned and franchise-operated,” he added.
At present, more than 70 per cent of the stores of the brand are franchise-owned and franchise-operated.
The company-owned and company-operated stores are the flagship stores of the brand and they span across more than 4,000 sq.ft.
“Going ahead, we are looking at opening more large format stores now because we believe that customers need to see that entire range that we have to bring to them from all the weaving clusters of the country.
The CAPEX involved in opening the company-owned company-operated stores stands at Rs 4-6 crore.
The online sales, which stand at mid-single digits for the brand, are growing faster than offline sales for Taneira.
“By the end of next fiscal, we are eyeing double-digit contribution from online sales,” he said.
At present, 40 per cent of the revenue of the brand comes from South, 30 per cent from the East and the rest 30 per cent is divided between the North and the West.
“Our NPS, which is a customer loyalty and satisfaction measurement, is close to 90,” he asserted.
Talking about the festive trends, he said, the brand has seen consumer behavior changing as now they are ready to spend and own authentic products.
“During Q1, the broader market saw muted growth, however, it is expected that demand is going to pent-up during the festive season and we have already started seeing the early signs. We are expecting a decent double-digit growth during this festive season,” he said.
This fiscal, the brand is eyeing 2x growth over the last fiscal.
