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Tribhovandas Bhimji Zaveri Ltd (TBZ) aspires to takes its brand to important markets and invites young entrepreneurs to open TBZ-The Original stores.
In a tete-a-tete with Beny Sachdeva of Franchise India, Prem Hinduja, CEO, TBZ tells about the golden opportunity the brand is offering to investors pan-India.
Being one of the oldest jewellery retailer, what ushered the change in your business strategy?
Tribhovandas Bhimji Zaveri Ltd, a well-known and trusted jewellery retailer in India, with a legacy of over 150 years has established itself as a preferred choice for customers in the wedding jewellery segment, recognised for exquisite gold and diamond jewellery designs.
The brand is presently available in 28 exclusive stores in 22 cities across 10 states.We remain committed to investing in our future through calibrated expansion of our domestic operations with improved product offerings, innovative jewellery designs, and trained sales team which will help us replicate our strong performance criteria in all our stores across India.
Why franchising model?
Via franchise mode, we aim to reach other important markets and invite young entrepreneurs to open TBZ-The Original stores and retail the brand's product. We want to be present in other cities and towns to cater to the growing demands of customers with the best in class jewellery. It's a go-to-market strategy. The macro-economic conditions are also favourable.
Any target in terms of numbers you hope to add?
It is too early to talk on numbers in terms of the target. TBZ-The Original is a brand that is nationally renowned and we want to match the brand equity in terms of presence and penetration. We are hopeful to expand in areas where we are not present currently and we will open new avenues for employment and offer our products to the wide customer base.
We look forward to expand our reach, footprint and penetration to lakh of brand admirers in different parts of India. The macro-economic conditions are also favourable.
Will the store formats be the same?
The store format largely depends on the cost of setting up a store which largely depends on the rent/purchase cost of the real estate property and its areas. It is very difficult to quantify the cost in acquiring a place.
However, cost of real estate properties in tier II cities would be much cheaper than the tier I cities like Mumbai or Delhi or even Bengaluru. And hence we will strive to arrive at a breakeven point depending on the location and also footfalls of customers at a particular store. Our current exclusive business outlets execute a nostalgic concept and maximise the usage of environment-friendly materials. Keeping in mind the space and the ambience we shall strive to maintain all the stores in a similar manner.