Titan & Tanishq: How Tanishq HACKED the GOLD Market of India ????

Today, we talk about Titan and its ever-growing jewelry business.

Tata is one of the multinational conglomerates in the country whose products its customers buy with the confidence that they will get what they have paid for. This is why the Tata group did not struggle to establish its twin-brands Titan and Tanishq in the market. Also, Titan changed the country's watch market and Tanishq completely changed the jewelry market.

Origin:

Tanishq was started in the year 1994, by Titan Company, India's first Jewelry Retail Brand which started its business from inception, it started business as a manufacturer of 18k Gold Watch, Actually, Tanishq started in 1984s In the same year, Titan Company was formed but due to their struggles, they were not able to deliver their product to their customers.

The 'Tan' in the word Tanishq refers to our body and 'Nishq' refers to gold ornaments. Its first manufacturing factory was located at Karigar Park in Husur, Tamil Nadu.

The idea behind Tanishq :

Tanishq started as a disaster of opportunity during the foreign exchange crisis.

·??????This could solve the foreign exchange crisis and can import machines.

·??????They could sell jewelry with watches only.

·??????No national jewelry brand at that time in India.

Early Failure:

1.?????In starting, Tanishq was focused on European contemporary design and used 18-carat gold only. Because in India design was secondary and the proportion of gold is primary.

2.????Trust of people in unorganized local jewelers.?

How did they change the game?

1.????No comparison on purity: Tanishq purchased the carat meter from Japan and they offered the customer to check their gold at free of cost.

2.???19-22 Strategy: In this scheme, if the purity of gold was lower than 22 karat and higher than 19 karats it could be exchanged for Tanishq 22 karat jewelry of their choice by paying only manufacturing charges, and Tanishq could wear the cost of gold. This was Titan’s customer acquisition strategy.

3.???Break the barrier of cost: with the Golden Harvest jewelry purchase plan, they break the barrier for middle-class families to purchase gold.

4.???Identify intricate gaps in the market: Tanishq brand launched some of its own sub-brands which are Rivaah and Mirayah in the market and attracted a large group of customers.

Why is Tanishq so famous?

Tanishq Brand is known for its 22k Pure Gold and Diamond; it is so famous that it has become the king of India's first largest Jewelry Retail Store with more than 200+ Outlets.

Tanishq attracts people's hearts with its attractive design and rules their hearts. He is more famous for his simple but creative design, Tanishq has earned the trust of most people, and he understood the profit by giving first priority to the trust of the people, which is why Tanishq is India's biggest jewelry brand today. Has been made and trust is the first and most important thing in the jewelry business.

The secret of success :

The Tanishq brand itself tells the secret of its success and says that it understands the needs of the people and makes a product for them, and helps the customer with its Best Quality and Best Customer Demand ,and thinks about the customer. not for your own benefit

Fundamentals of Titan Company Ltd:

• ?The company is the largest jewelry retailer in the country with manufacturing facilities located in Hosur, Pantnagar & Sikkim It sells jewelry through its brands Tanishq, Zoya, Mia & Caratlane.
• This division has a strong retail presence of a total of ~580 retail stores. In FY22, Tanishq opened 36 new stores, Zoya added 1 store, Carat Lane added 31 stores, and Mia by Tanishq added 10 stores.
• The company owns 72.3% economic interest in Carat Lane which makes it a majority-owned subsidiary