In a major move Noel Tata-led Tata Group has entered the ethnic wear market with its new brand Taneira launched by the groups Titan company which manufactures fashion accessories including jewellery eyewear and watches. Titan which also owns the fashion jewellery brand Tanishq is now eyeing the thriving womens ethnic wear brand with its Taneira brand which boasts a large collection of Indian ethnic apparel including sarees kurtas etc. According to market experts Taneira which currently has a 2% market share plans to reach a market share of 10% in the next three years by expanding its ethnic wear range offering pashmina stoles dupattas unstitched kurtas and lehengas to become preferred ethnic wear brand for Indian women. However Taneira is trying to carve its own niche in the market by focusing on sarees as was revealed by the companys CEO Ambuj Narayan who said that sarees will will remain the mainstay of the brand. Narayan said that Taneira aims to provide a new and refreshing option to women in ethnic clothing at reasonable prices. Currently Taneira has a wide range of sarees ranging up to Rs 3 lakh. Additionally Taneira plans to open around 15-20 new stores each year and is planning to increase the number of brand outlets to 85 by the end of financial year 2024-25 and to 127 by FY-2026-27. The company has also set a Rs 1000 crore target in annual revenue. Tata Groups new venture under Noel Tata The new venture by the Tata Group comes months after the conglomerate lost its Chairman Emeritus Ratan Tata who died due to age-related issues at Mumbais Breach Candy Hospital on October 9. He was 86. Following Ratan Tatas demise his half-brother Noel Tata was picked as the new chairman of Tata Trusts an umbrella group of charities which holds 66% stake in Tata Sons -- the holding company of Tata Group. After Ratan Tatas death Noel Tata 67 was picked by the board to lead Tata Trusts which essentially owns Tata Sons having a 66 percent stake in the holding company which runs the Tata Group essentially making Noel the single most powerful person in the Rs 34 lakh crore Tata business empire. The Tata Group established by its founder Jamshedji Nasirwanji Tata in 1868 when he bought a bankrupt oil mill for Rs 21000 a massive amount at the time and turned it into a cotton factory has today grown into a global juggernaut with over 100 companies spread in more than 100 countries boasting a market cap of $403 billion (roughly Rs 33.7 trillion).