Titan has announced the launch of its jewellery brand, Tanishq, in Bangladesh – a strategic to further expand its international market presence.
The company has entered into a joint venture (JV) agreement with Rhythm Group, a significant player in Bangladesh’s business landscape.
Expansion into Bangladesh
The JV agreement, signed on Friday, outlines the collaboration between Titan and Rhythm Group to bring Tanishq to the Bangladeshi market. The initial phase of this venture includes the establishment of a manufacturing facility in Narayanganj, Bangladesh. This facility will serve as the cornerstone for producing Tanishq jewellery, combining Titan’s renowned artisanship with Rhythm Group’s extensive local market knowledge.
Rhythm Group, founded in 1972, initially focused on producing traditional textile fabrics and has since diversified into multiple business sectors. Their partnership with Titan aims to leverage their market presence and local expertise to introduce Tanishq’s jewellery to consumers in Bangladesh.
Global Expansion Strategy
Titan’s expansion into Bangladesh is a continuation of its strategic efforts to grow Tanishq’s footprint globally. Currently, Tanishq operates 17 stores across the UAE, US, Qatar, Singapore, and Oman. The brand’s international growth aligns with Titan’s broader business strategy, which includes a strong presence in the watch industry across the SAARC, MENA (Middle East and North Africa), and Southeast Asian regions.
Joint Venture Details
The partnership aims to harness the strengths of both companies. As Titan Company MD C K Venkataraman stated, “Together, we will leverage our combined strengths to elevate the jewellery industry in Bangladesh and make Bangladesh the hub for making Tanishq Exquisite Jewellery for the world.”
This JV is expected to blend Tanishq’s high-quality craftsmanship and brand heritage with Rhythm Group’s market insights and established distribution channels in Bangladesh.
