Tansihq story is not only inspiring but it also provides the insight of the growing big in a business and if you really want to make big in life than you can afford to miss out on its growth story.
The Tanishq saga began in the early 1990’s, primarily fuelled by the fabled Tata entrepreneurial spirit and partly forced by circumstance.
The splendid Titan watches success story was already up and running, and happened to need more foreign exchange to purchase the imported components and machines required to keep up with the burgeoning watch production. But with India going through a foreign exchange crisis, there was no help coming in, forcing Titan to search for a business that would earn them the required foreign currency. The first precision engineered watch, Tanishq created with 103 diamonds and pure 18 carat gold.
Indian-made jewellery was already a big foreign currency earner and being strongly supported by the central government, and also happened to be a very good fit with the watch business as articles of adornment.The best known brand names in both Europe and America had watches and jewellery together, offering further proof that the two industries are intrinsically linked.
It was a business with a huge wealth potential and it added a very feminine offering to Tata’s long line of products that appealed mostly to the opposite gender. It also called for an organization that inspired trust and had high order design, manufacturing, marketing and retailing skills, and Tata fit the bill on all accounts. A revolution in Gold Purity Standards across the country.
Tanishq was coined from a combination of Tata/Tamil Nadu and Nishq (meaning a necklace of gold coins) and, again, from Tan, meaning body and Ishq, meaning love.
It was launched in 1994 as a range of jewellery and jewellery watches meant for the European & American markets. But things began to change globally around this time, and the West entered a protracted period of slow economic growth followed by recession. Supplying jewellery to the Americans & Europeans suddenly no longer seemed an attractive proposition.
Initially, the criticism for Titan’s foray into jewellery was loud and often bitter. Eventually, however, the critics were silenced. Tanishq, today, is perhaps the only major Tata brand with a strong appeal for women. Very importantly, Tanishq has brought to the market a whole new standard of business ethics and product reliability, in the process bringing about a transformation in the manner in which jewellery is bought and sold in India.
It has created a revolution in the Indian jewellery trade and in jewellery buying behaviour, and continues to set new parameters of excellence for others to follow. The recent, 22000 sqft showroom at Usman Road, Chennai.
The Indian market, on the other hand, opened its doors to the world, and was now flooded with foreign currency. By the time Tanishq established its manufacturing facility and entered the market, the premises on which the project was based had altered substantially.
Foreign currency was no longer an issue, import licences were easy to obtain and the global demand-supply equation for jewellery had shifted in favour of buyers. Tanishq, therefore, switched tracks and shifted its focus to the Indian market and develop a somewhat grandiose vision of the brand as a composite avatar of Cartier, Tiffany, Esprit, and Ernest Jones all rolled in one.
One can sum their whole story in following paragraph :
Founded in 1994, Tanishq is a part of TATA group and the largest retail jewellery brand in India with over 119 exclusive showrooms across 75 cities. Tanishq has its own state-of-the-art manufacturing unit which boasts of top standards in manufacturing. Its design studio houses highly qualified national and international award winning designers with access to multi-skilled 'karigars'. By introducing 'KaratmeterTM', the most scientific way to check the purity of the gold, being the first jeweller to give a written guarantee purity for their gold and studded jewellery, offering a written certificate of authenticity with each solitaire piece based on Gemological Institute of America standards and many more, Tanishq has brought to the market a whole new standard of business ethics and product reliability, in the process bringing about a transformation in the manner in which jewellery is bought and sold in India.
Further fillip through Branding
They have now hired Amitabh Bachchan and Mrs Jaya Bahaduri as their brand ambassador. Amitabh Bachchan had planned a special surprise for Jaya this Diwali. He thought she would love it. But does Jaya really get surprised or is it Amitabh who goes speechless. Well, see it yourself and tell us how do you like Amitabh's surprise. This new Tanishq TVC carries forward the mischievous tussle that exists between a real life couple - Jaya and Amitabh Bachchan. The story unfolds with Amitabh making his best efforts to surprise Jaya this Diwail by choosing the ‘right’ gift for her from Tanishq. But does he succeed in charming his wife with the stunning diamonds that he has bought for her?
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