Titan Company - Fine-Tuning Right To Win In South India: ICICI Securities

ICICI Securities Report

We believe that Titan Company Ltd.'s Tanishq has effectively fine-tuned the success template in Chennai / Tamil Nadu, which we believe is a replicable template on other southern states. Tanishq has been able to meaningfully sharpen its competitive edge by becoming aggressive on price and inventory offering compared to top regional competition. This has helped it improve business (customer footfalls/revenue) by ~1.5 times. South has always been a competitive market for Tanishq due to -

1. highly competitive dominant organised jewellers and

2. relatively weak regional offerings by Tanishq.

However, its fine-tuned strategy of-

1. matching gold rate with competition,

2. offering 100% exchange to customers on 22kt and above gold bought from any jeweller,

3. benchmarking making charges with top regional competitors,

4. regionalisation of store inventory and

5. roping in Nayanthara (moviestar) as a brand ambassador, appears to be a successful recipe.

We believe this model could be replicated to other regions in South India.

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