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Tanishq searching for investor for U.S. stores

Says U.S. expansion plans 'on hold' due to economy

By Michelle Graff
May 04, 2009

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Chicago--Tanishq, the Indian jewelry chain that entered the U.S. market last August and has garnered praise for its unique store design, now is looking for an investing partner for its two U.S. stores, a Tanishq representative told National Jeweler.

According to Bhuwan Gaurav, head of sales operations for Tanishq USA, the company's two U.S. stores, located in Schaumburg, Ill., and Paramus, N.J., are not meeting the goals the company set for them due to the economic crisis.

"I would not say that they are struggling," he said. "They are obviously not performing to our standards."

As a result, Gaurav said the company is searching for an investing partner and already has several leads, though he declined to elaborate on the potential companies involved or the nature of the partnership.

A division of Indian jewelry manufacturer and retailer Titan Industries Ltd., Tanishq first emerged onto the U.S. retail scene in August, opening a store in the Chicago suburb of Schaumburg.

It followed with the opening of its New Jersey store in November, with both stores garnering praise from industry experts for offering a relaxed, unique retailing experience.

Initially the plan called for the chain to open 25 stores within the next two years.

Gaurav said the chain's expansion plans are on hold for now.

"We still firmly believe in the concept," Gaurav said, adding that it is just "very challenging" to establish a new brand in these times.
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