Started in 1995, Tanishq is the jewelry business group of Titan Industries Ltd - promoted by the TATA group. Tanishq has established itself as the most desirable and trustworthy jewelry brand in India. The product portfolio includes jewellery for everyday wear and for occasions, in 22-carat gold, diamonds and precious gemstones. Tanishq grew by 57 per cent to Rs. 2,028 crore during financial year 2008 on the back of retail expansion and improvement in per-store growth. There is an immense scope for further growth as Tanishq comprises a small share of the overall Rs 70,000-crore Indian jewellery market i.e. 2.89%. But in the organized retailing it has a whopping 40% market share.
Among the branded jewellery players in the Indian market, Tanishq is considered to be a trendsetter. When it was launched in 1995, Tanishq began with 18-carat jewellery. In 1998, Tanishq decided to set up its own chain of retail showrooms to create a distinctive brand image. By 2009, Tanishq retailed its jewellery through 112 exclusive stores across 70 cities. Only Indian player with outlets in North America & Europe.
Figure 1: The Growth of Tanishq
CORE COMPETENCIES OF TANISHQ
• Consistency in delivering on their promise
• Distinctive customer experience
• Tribhovandas Bhimji Zaveri (TBZ)
• Mehrasons (in Delhi only)
PRODUCT FORM - BRANDED JEWELRY
IMMEDIATE COMPETITORS OF TANISHQ
GILI: In 1994, Gili Jewellery was established as a distinct brand by Gitanjali Jewels. Gili offered a wide range of 18-carat plain gold and diamond-studded jewellery, designed for the contemporary Indian woman.
TRENDSMITH: Mumbai-based Tribhovandas Bhimji Zaveri (TBZ), opened its new concept store 'Trendsmith' in Mumbai in December 2001. Encouraged by the response towards its first store, the Zaveris planned to take Trendsmith (India) Pvt. Ltd. all over the nation by opening as many as 100 stores by 2010.
CARBON: In early 1991, the Bangalore based Peakok Jewellery Pvt. Ltd., was incorporated. In 1996, a new brand of 18-carat gold-based jewellery called Carbon was launched.
BRANDED GOLD JEWELLERY MARKET (MAJOR PLAYERS)
|Brand |Market share (2007-08) in % | |Tanishq |40 | |Gili |35 | |Carbon |Data Not Available | |Trendsmith |Data Not Available |
STRATEGIES FOR WOOING CUSTOMERS ADOPTED BY:-
Tanishq worked hard on a two-pronged brand-building strategy: cultivate trust by educating customers about the...