Wednesday, January 3, 2007

Orra interested in a strategic funding in jewellery brand Tanishq

Leading jewellery brand Orra, a part of the $1.7-billion jewellery group Rosy Blue, keen on a strategic investment in India and is keen on Tanishq, Titan Industries’ jewellery business. Tanishq is India’s fastest-growing jewellery brand and posted revenues of around Rs. 800 crores in 2005-06, and is aiming at Rs. 1000 crore plus business in the current financial year. Tanishq has also been posting profits since 2003 after nearly a decade of losses, and has sustained 40 per cent year-on-year growth this year, despite volatile gold prices.

Orra, which has been exporting diamond jewellery from India for over a decade, is keen to expand the retail end of its Rs. 1000-crore business, the bulk of which comes from exports.

The diamond jewellery market is only around 10-15% of the total jewellery retail business which is worth Rs. 60,000 crores, but it is growing at 20% against a 5% growth in gold jewellery.

Read the article in Business Standard.

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