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Tanishq

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Tanishq
Company typeSubsidiary
IndustryJewellers
Founded1994; 30 years ago (1994)
HeadquartersBangalore, Karnataka, India
Area served
Worldwide
ParentTitan Company
Websitewww.tanishq.co.in

Tanishq is an Indian jewellery brand and a division of Titan Company.[1] Founded in 1994,[2] Tanishq is headquartered in Bangalore, and has 410 retail stores across more than 240 cities.[3]

History

By the end of the 1980s, Titan launched Tanishq, focused largely on exports to European and American markets, in an attempt to increase its foreign exchange reserves. In the early 1990s, India's exchange crisis was resolved, and Titan Company shifted the focus of the brand to Indian market. A pilot plant was set up in August 1992 and the production began in 1994, and Tanishq's first store opened in 1996. Tanishq was the first jewellery retail chain in India.[4]

The first years of Tanishq recorded consistent losses. In 2000, Managing Director Xerxes Desai chose Bhaskar Bhat to succeed him. Starting in 2000, its net worth started to grow, and by 2003, Tanishq was among the top 5 retailers in India, and made up 40% of the Titan Company's revenue.[4]

In the early 2000s, Tanishq opened stores internationally, in the Middle East and in the United States (Chicago and New Jersey), but closed them before the end of the decade.[5]

A Tanishq showroom in Mangalore.

Tanishq made the beauty pageant crowns for the Femina Miss India 2007.[6] By 2008, Tanishq had 105 stores in 71 cities in India.[7] In 2011, the Tanishq group launched the sub-brand called Mia for working women.[8] In November 2012, Tanishq reached a landmark when it opened its 150th showroom in India[9]

In April 2014, the brand started to export to the United Arab Emirates.[5] In July 2014, Tanishq announced it ceased its gold deposit schemes to comply with the Companies Act 2013, schemes that enabled its clients to save up to buy gold,[10] but launched it back just a few months later in a format that complied with the new laws.[11]

By December 2022, Tanishq had 385 retail stores nationwide, and announced the opening of 45-50 stores by the end of 2023.[12]

Deepika Padukone became the brand ambassador of Tanishq in 2015.[13]

In 2017, Tanishq launched a sub-brand called Rivaah targeting the wedding segment.[14] In January 2017, the Titan group merged its Gold Plus stores with the larger Tanishq retail brand.[15] In April 2017, Tanishq launched the sub-brand Mirayah to cater to women under their 40s.[16] In December 2017, Tanishq launched the Aveer line, its first line of products for men.[17]

In 2023, the brand opened its U.S. flagship store on Oak Tree Road, a popular East Coast shopping district for South Asian goods and services.[18]

Activities

Tanishq is a brand of jewellery retail stores in India. The brand is the property of Titan Company, which is back by Tata Group and TIDCO.[citation needed]

The name Tanishq was chosen by Titan's first managing director Xerxes Desai.[19] The name was formed by combining the first two letters from "Tan" (means body) and निष्क "NIṢK" (meaning gold coin or necklace in Sanskrit), although the क k has been modified into a क़ q.[20] According to another sources, the name is formed with the two words Tan (body) and Nishk (gold ornament) in the Sanskrit language, a name synonymous to superior craftsmen or absolute design.[19]

Controversies

In October 2020, a Tanishq commercial depicting an interfaith couple's baby shower sparked controversy on social media. As calls for a boycott intensified, the company stated that it had withdrawn the ad "keeping in mind hurt sentiments & well being of our employees".[21][22] A month later, it withdrew another ad which had called for Diwali to be celebrated without firecrackers, owing to criticism on social media.[23]

References

  1. ^ "TITAN COMPANY LIMITED - Company, directors and contact details - Zauba Corp". Zaubacorp.com. Retrieved 18 July 2018.
  2. ^ "Tanishq plans to merge with Titan Industries". The Economic Times. Retrieved 17 February 2021.
  3. ^ Gandhi, Forum (19 February 2023). "Bullish for double-digit growth for Tanishq: Jewellery division CEO, Titan". The Hindu Businessline. Retrieved 20 February 2023.
  4. ^ a b Priya Ganapati (4 July 2003). "How Tanishq turned around". Rediff.com. Retrieved 13 August 2018.
  5. ^ a b "Tanishq to begin exports to UAE". Timesofindia.com. 10 April 2014. Retrieved 13 August 2018.
  6. ^ "Tanishq Unveils Miss India 2007 Crowns". Idexonline.com. 21 March 2007. Retrieved 13 August 2018.
  7. ^ "Check gold purity with carat meter and be safe". Rediff.com. 15 May 2008. Retrieved 13 August 2018.
  8. ^ "Tanishq's Mia brand eyes 1K-CR turnover". Dailypioneer.com. 4 June 2018. Retrieved 13 August 2018.
  9. ^ "The Pioneer". Dailypioneer.com. Retrieved 18 July 2018.
  10. ^ "Tanishq pulls the plug on gold deposit schemes". Business-standard.com. 12 July 2014. Retrieved 13 August 2018.
  11. ^ "Tanishq relaunches gold deposit scheme". Thehindubusinessonline.com. 23 November 2014. Retrieved 13 August 2018.
  12. ^ "Tanishq on expansion mode, to set up 45-50 stores pan-India in FY23". www.business-standard.com. Business Standard. 1 April 2022. Archived from the original on 1 April 2022. Retrieved 18 April 2023.
  13. ^ "Tanishq ropes in Deepika Padukone as brand ambassador". Business Standard. 8 May 2015. Retrieved 15 January 2023.
  14. ^ Deepti Govind (23 July 2018). "Titan targets₹40,000 crore from jewellery business by FY23". Livemint.com. Retrieved 13 August 2018.
  15. ^ Deepti Govind (16 January 2017). "Titan merges Gold Plus brand with Tanishq". Livemint.com. Retrieved 13 August 2018.
  16. ^ Devesh Gupta (5 April 2017). "Tanishq Targets 'Women in 40s' With Mirayah, Launches Campaign". Adageindia.in. Retrieved 13 August 2018.
  17. ^ "Tanishq enters men's fashion with new jewellery line Aveer". Deccanchronicle.com. 19 December 2017. Retrieved 13 August 2018.
  18. ^ "Tanishq's New Jersey Debut Drew Customers From Across the East Coast".
  19. ^ a b "Tanishq Jewellery". Goodreturns.com. Retrieved 13 August 2018.
  20. ^ WIPO, Arbitration and Mediation Center. "Titan Company Limited v. Tanishq Corporation". Case No. D2000-1793. Retrieved 26 September 2006. [citation needed].
  21. ^ "Tanishq pulls down ad after social media uproar". The Indian Express. 14 October 2020. Retrieved 20 February 2023.
  22. ^ Tewari, Saumya (13 October 2020). "Tanishq says ad withdrawn due to hurt sentiments, well being of staff". mint. Retrieved 24 October 2020.
  23. ^ "Tanishq pulls down latest festive ad after social media controversy". The Times of India. 11 November 2020. Retrieved 20 February 2023.
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