TITAN AND RHYTHM GROUP SIGN JV TO BOLSTER TANISHQ’S GLOBAL EXPANSION AND ENTRY INTO BANGLADESH
29th June 2024
Titan Company Limited, India’s leading lifestyle company, is happy to announce its strategic expansion into Bangladesh, as it signs a joint venture agreement with the well-known and rapidly growing Rhythm Group on the 28th of June 2024. This move is part of Titan’s efforts to expand its presence in international markets and deeper into the SAARC region.
With Titan’s watches business present for many years in the SAARC, MENA, Southeast Asian regions, in the last few years, it has focused on growing Tanishq, its flagship jewellery brand overseas. Since end-2020, Titan has rapidly opened 17 Tanishq stores across the UAE, USA, Qatar, Singapore and Oman. Titan’s JV with the Rhythm Group aims to revive jewellery kaarigari that Bangladesh is known for and create a jewellery manufacturing excellence centre in Dhaka. Eventually, making Tanishq easily available across Bangladesh where the brand is already well-known and coveted.
The Rhythm Group is a prominent entity in Bangladesh that was established in 1972 to produce desi textile fabrics. Since then, they have grown substantially and now have 10+ sister concerns, 2 joint ventures and 30+ international brands in its portfolio. Their diverse businesses include a network of Travel Agencies, Airline GSA, Transportation Solutions, Trading, Textile, and Press and Printing industries.
Tanishq’s jewellery manufacturing excellence centre in Bangladesh will augment Titan’s current manufacturing capabilities in India building an alternative sourcing base for Titan and generating employment and exports as well as revitalising the jewellery industry in Bangladesh. Value building through manufacturing will positively impact multiple stakeholders in the ecosystem, especially the jewellery kaarigars who have slowly moved away from their trade.
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. The collaboration reflects both companies’ shared vision and commitment to delivering superior value to their customers. “This partnership with Rhythm Group comes at an exciting time for Titan. We are thrilled to be writing this next chapter with a regional stalwart like Rhythm Group and look forward to leveraging each other’s strengths to offer unparalleled value across the whole value chain from Kaarigars to Retailers to Customers in the region” said Mr. Kuruvilla Markose, CEO, International Business Division, Titan Company Limited.
Mr. Shohag Hossain, MD of Rhythm Group, echoed this sentiment, saying, “Lifestyle is a high-potential category, and as we venture into this new space, we sought the right partner. Joining forces with Titan, India’s leading Lifestyle Company from the trusted Tata Group, promises a bright future for our country and our diversified interests”.
The partnership will commence with the opening of the manufacturing facility in Narayanganj, setting the stage for an exciting new chapter in Bangladesh and Mr. C.K. Venkataraman, MD of Titan Company Limited, expressed his enthusiasm about the joint venture, stating, “We are delighted to celebrate this significant milestone as Titan enters Bangladesh. Partnering with the Rhythm Group marks an exciting new chapter for us. 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 collaboration promises a prosperous future for both our companies in the region”.
About Titan Company Limited:
Titan Company Limited (“Titan”), a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced its operations in 1987 under the name Titan Watches Limited. In 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare. Over the last three decades, Titan has expanded into underpenetrated markets and created lifestyle brands across different product categories including fragrances (SKINN), accessories and Indian dress wear (Taneira) and thoughtfully designed Women Bags (IRTH). Titan is widely known for transforming the watch and jewellery industry in India and for shaping India’s retail market by pioneering experiential retail. Learn more about Titan on: https://www.titancompany.in/
About Tanishq:
Tanishq, India’s most-loved jewellery brand from the TATA Group, has been synonymous with superior artisanship, exclusive designs, inimitable customer service and guaranteed product quality for over two decades. At Tanishq, jewellery is not just a product, but a manifestation of artistry and our exquisite range of gold & diamond jewellery strikes the perfect balance between traditional charm and contemporary appeal. With designs that capture the beauty and celebration of special occasions, Tanishq aims to be an integral part of every woman’s journey. Attesting to this commitment towards excellence, in 2019, Tanishq has been awarded the title of The Most Trusted Jewellery Brand in India by the Trust Research Advisory. Tanishq currently has a presence of 481 stores globally and is India’s most trusted jewellery brand.
About Rhythm Group:
Rhythm Group is one of the most dynamic groups of company in Bangladesh led by the visionary entrepreneurs Mr. Shohag Hossain and Mr. Ali Amzad Hossain. Two brothers who devoted their life to build one of the finest business houses in the country. Rhythm group started its journey from a modest small town in Narsingdi District of Bangladesh by establishing traditional looms to produce and trade desi textile fabrics in 1972. From that humble beginning the group now represents and engage in business with some of the best brands and companies in the world. Rhythm group now has 10+ sister concerns, 02 Joint Ventures, 30+ internationally leading brands in its portfolio and millions of satisfied customers – which is ever growing.
