Titan & Rhythm Group sign JV to expand Tanishq into Bangladesh

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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 karigari 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 Karigars 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. Venkatraman, 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”.