People are seen outside a Tanishq jewellery store.
Credit: Reuters File Photo
New Delhi: Titan Company on Saturday said it is launching its jewellery brand Tanishq in Bangladesh as part of expansion plans in the international market.
On Friday, the Tata Group-managed firm signed a JV agreement to this effect with Rhythm Group which will make Tanishq available across the Bangladesh market, according to a joint statement.
The joint venture will commence with the opening of the manufacturing facility in Narayanganj, in Bangladesh, it added.
Besides the domestic market, Titan is expanding Tanishq’s presence in the international market and operates 17 stores across the UAE, US, Qatar, Singapore and Oman.
Its watch business has a presence in SAARC, MENA (Middle East and North Africa), Southeast Asian regions. In the last few years, it has focused on growing its flagship jewellery brand Tanishq overseas.
Rhythm Group is a prominent entity in Bangladesh that was established in 1972 to produce desi textile fabrics and since then it has expanded into several verticals.
“Through this joint venture Titan aims to combine Tanishq’s unparalleled artisanship and brand legacy with Rhythm Group’s strong market presence and local expertise in Bangladesh, to manufacture and sell jewellery to discerning Bangladeshi consumers,” it said.
Titan Company MD C K Venkataraman said: "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,” Titan Company is a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO).