Titan, one of India's leading lifestyle companies, has decided to set up a factory in Narayanganj through a joint venture with a local enterpriser named Rhythm Group to manufacture and market products in Bangladesh for its flagship jewellery brand Tanishq.
A joint venture agreement was signed between Titan Company Ltd of Tata Group and Bangladesh's Rhythm Group at Titan's headquarters in Bangalore, India on Friday, a press release said on Saturday.
Titan's managing director C K Venkatraman and Rhythm Group Managing Director Shohag Hossain inked the deal on behalf of their respective sides while Titan's International Business Division CEO Kuruvilla Markose was present.
Under the agreement, a state-of-the-art manufacturing facility for Tanishq's exquisite jewellery will be established in the Meghna Economic Zone in Narayanganj.
The jewelries' 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, said the release.
In the past three years, it said, Tanishq has successfully launched operations in the UAE, Qatar, Oman, USA, and Singapore while the joint venture with Rhythm Group marked a significant step in Tanishq's entry into the Bangladeshi market.
"We aim to offer unparalleled value across the entire value chain, from craftsmen to retailers to customers in the region," said Markose on the occasion.
After signing the agreement, Venkatraman said it is a milestone deal as Titan enters the Bangladeshi market. "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," he added.
Shohag Hossain said that they plan to open five Tanishq jewellery outlets in Dhaka shortly after establishing the manufacturing facility in the economic zone. "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 added.
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, said the release.
Rhythm Group will also be responsible for retail marketing of various Titan lifestyle products including watches, eyewear and skin perfume.
