Titan and Rhythm Group Sign Joint Venture for Tanishq’s Expansion in Bangladesh

Titan and Rhythm Group Sign Joint Venture for Tanishq’s Expansion in Bangladesh

Online Business Desk:

Published : Saturday, 29 June, 2024 at 6:34 PM, Update: 29.06.2024 6:40:54 PM, Count : 1138

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.

C.K. Venkatraman, Managing Director of Titan Company Limited, and Shohag Hossain, Managing Director of Rhythm Group, inked the deal on behalf of their respective sides while Kuruvilla Markose, Titan’s International Business Division CEO, was present.

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.

In the past three years, Tanishq has successfully launched operations in the UAE, Qatar, Oman, USA, and Singapore. The joint venture with Rhythm Group marks a significant step in Tanishq’s entry into the Bangladeshi market. The jewellery produced in Bangladesh will not only meet local demand but also be exported to Tanishq’s 450 outlets in India and other countries, thereby generating employment opportunities in Bangladesh.

“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.

Echoing the sentiment, Shohag Hossain, Managing Director of Rhythm Group, said, “Partnering with Titan, India’s leading lifestyle company from the renowned Tata Group, promises a prosperous future for our country and our diverse business interests.”

He further stated that they plan to open five Tanishq jewellery outlets in Dhaka shortly after establishing the manufacturing facility in the economic zone.

For over two decades, Tanishq, Titan’s flagship jewellery brand from the Tata Group, has been synonymous with superior craftsmanship, exclusive designs, exceptional customer service, and guaranteed product quality.