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Titan and Rhythm Group Sign Joint Venture for Tanishq’s Expansion in Bangladesh
Online Business Desk:
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Titan, one of India’s leading lifestyle companies, will expand its reach into Bangladesh in collaboration with the local Rhythm Group through watches, eyewear, perfume, and its flagship jewellery brand, Tanishq. A joint venture agreement was signed between Titan Company Ltd and Bangladesh’s Rhythm Group at Titan’s headquarters in Bangalore on Friday. Under this agreement, a state-of-the-art manufacturing facility for Tanishq’s exquisite jewellery will be established in the Meghna Economic Zone in Narayanganj, Bangladesh. This facility will cater to the local market and subsequently enter the retail sector with its premium products. “We are thrilled to embark on this new chapter with a regional leader like Rhythm Group. By leveraging our combined strengths, we aim to offer unparalleled value across the entire value chain, from craftsmen to retailers to customers in the region,” said Kuruvilla Markose, CEO of Titan’s International Business Division. “We are excited to celebrate this significant milestone as Titan enters the Bangladeshi market. By combining our strengths, we aim to elevate the jewellery industry in Bangladesh and establish the country as a hub for manufacturing Tanishq’s exquisite products for the global market,” said C.K. Venkatraman, Managing Director of Titan Company Limited. He further stated that they plan to open five Tanishq jewellery outlets in Dhaka shortly after establishing the manufacturing facility in the economic zone. |