UAE-based diversified business Sharaf Group has signed a strategic memorandum of understanding (MoU) with Tanishq, an Indian jewellery belonging to the TATA Group’s portfolio. This strategic alliance will leverage on Tanishq’s focused value offering in gold and diamond jewellery while utilising Sharaf Group’s retail expertise to drive the jewellery brand’s growth story in the GCC. The two entities will kickstart the collaboration with the opening of a Tanishq showroom in July 2023.
“This partnership with Sharaf Group comes at an exciting time for Tanishq. We have recently opened our 7th store in the UAE with an imminent regional plan for expansion. We are thrilled to be writing this next chapter with a trusted regional retail stalwart like Sharaf Group and look forward to leveraging each other’s strengths to offer unique value propositions to our discerning customers in the region,” said Kuruvilla Markose, CEO – International Business Division, Titan Company Limited.
“Jewellery is a high potential category and as we delve into this new space, we wanted the right partner. When a group like ours with diversified interests ties up with Tanishq, it bodes well for the future since we share common values of trusted transparency, long-term commitment to our customers, partners and stakeholders and guaranteed commitment to service and quality,” added Sharafuddin Sharaf, Vice Chairman, Sharaf Group.
“We already have association with Tata Group and our association with Tanishq is a further extension of a partnership based on mutual respect and traditional value systems. With a long history of Reliability in Retail of Consumer electronics, Fashion and Outdoor adventure, a partnership now with Tanishq gives us an opportunity to enter the lifestyle segment and create added value for our loyal customers,” concluded Yasser Sharaf, Vice President, Sharaf Group.
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