Tanishq claims there is a huge market opportunity for other Indian retail brands in the US
Friday, 24 February 2023, 10:33 IST
One month after opening its first American location, Tanishq, the top jewellery retail brand in India from the Tata family, believes that the country presents "great prospects" for both it and other Indian retail firms. This is mostly ascribed to the sizeable Indian diaspora in the nation, which has one of the highest per capita incomes, as well as to American interest in India, its culture, and its products.
"The potential is enormous. The possibility is enormous, particularly from the perspective of the Indian diaspora, the South Asian diaspora, and even beyond that. Amrit Pal Singh, business head-North America for Titan Company, which operates the chain of jewellery stores in both India and other countries under the brand Tanishq, said: "If you just focus on, let's say the Indian diaspora element, the people here. Tanishq spent two years researching the North American jewellery business, which is estimated to be worth USD 60 billion and is USD 3 billion among Indian Americans, before entering the US market.
He claimed that Tanishq is now concentrating on the Indian Diaspora Market and is now seeking to grow to other locations as well, such Chicago, by constructing its first retail store in Oak Tree Road of New Jersey, called Little India. "We aim to use this as a beachhead before expanding to a larger consumer market. Around that, we have a plan, he added. Probably the first significant Indian retail brand to penetrate the American market is Tanishq. He believed that this would open doors for the company's other Indian retail brands to join the US market.
Singh recently told PTI in an interview that the Indian American population is quite diversified based on his business expertise. They work in many vocations. They are one of the minority groups with the highest incomes. According to data, the Indian American community makes roughly twice as much money as the typical American household, which indicates that they are doing well, he said. Finally, Indian Americans are no longer embarrassed by their origin and culture.
"They want to communicate that. This indicates that people desire to interact with Indian brands more and more. In answer to a query, Singh stated, "From what I've observed here, not many (Indian) brands have yet made it (to the United States), but there is a great possibility for them. The main thing to remember is that this is not India, though. Here, there are subtleties that demand close examination. They are unable to simply repeat what has occurred (in India).
Even for us, we're offering brand-new retail, product, and service designs. You must therefore be mindful of the fact that, even while consumers are present, they have various tastes, lives, and modes of operation. "Those are some of the things we pay close attention to. I believe that any additional brand considering entering this market must also be somewhat aware of those factors, according to Singh.
"The potential is enormous. The possibility is enormous, particularly from the perspective of the Indian diaspora, the South Asian diaspora, and even beyond that. Amrit Pal Singh, business head-North America for Titan Company, which operates the chain of jewellery stores in both India and other countries under the brand Tanishq, said: "If you just focus on, let's say the Indian diaspora element, the people here. Tanishq spent two years researching the North American jewellery business, which is estimated to be worth USD 60 billion and is USD 3 billion among Indian Americans, before entering the US market.
He claimed that Tanishq is now concentrating on the Indian Diaspora Market and is now seeking to grow to other locations as well, such Chicago, by constructing its first retail store in Oak Tree Road of New Jersey, called Little India. "We aim to use this as a beachhead before expanding to a larger consumer market. Around that, we have a plan, he added. Probably the first significant Indian retail brand to penetrate the American market is Tanishq. He believed that this would open doors for the company's other Indian retail brands to join the US market.
Singh recently told PTI in an interview that the Indian American population is quite diversified based on his business expertise. They work in many vocations. They are one of the minority groups with the highest incomes. According to data, the Indian American community makes roughly twice as much money as the typical American household, which indicates that they are doing well, he said. Finally, Indian Americans are no longer embarrassed by their origin and culture.
"They want to communicate that. This indicates that people desire to interact with Indian brands more and more. In answer to a query, Singh stated, "From what I've observed here, not many (Indian) brands have yet made it (to the United States), but there is a great possibility for them. The main thing to remember is that this is not India, though. Here, there are subtleties that demand close examination. They are unable to simply repeat what has occurred (in India).
Even for us, we're offering brand-new retail, product, and service designs. You must therefore be mindful of the fact that, even while consumers are present, they have various tastes, lives, and modes of operation. "Those are some of the things we pay close attention to. I believe that any additional brand considering entering this market must also be somewhat aware of those factors, according to Singh.
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