Tanishq, the jewellery brand of Titan Company, is planning to expand its retail footprint across tier-II & tier-III geographies, says a news report.

The news report further adds that the company is planning to reach out in at least 130 new small towns while setting up 200 more outlets — company-owned and franchise — in the next five years in India. Of the total, the company’s plan is to set up at least 40-50 outlets, mostly in towns and small cities, each year for the next five years, says a news report.

Currently, Tanishq retail chain has 275 exclusive boutique stores in 170 cities. Out of that 226 are franchise and 50 outlets are company-owned. Setting up a Tanishq shop in a small town costs around Rs. 15-20 crore, while a big-format outlet Rs. 40-50 crore, adds the news report.

According to the news report, India’s organised wedding jewellery market is worth about Rs. 60,000 crore and Tanishq holds around 6 per cent (Rs 4,000 crore) of that market. The jewellery division of Titan has sold products worth Rs. 12,000 crore last year with a profit of more than Rs. 1,000 crore.