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Tanishq

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Tanishq
Company typeSubsidiary
IndustryJewellers
Founded1994
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, Karnataka, India.[3]

History

By the end of the 1980s, the Titan company launched Tanishq. In the early 1990s, India's exchange issue was fixed, and the Titan Company chose to focus the brand on the Indian market. The first production plant launched in August 1992, and Tanishq's first store opened in 1996. Tanishq was the first jewellery retail brand 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 group'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 June 2014, Tanishq had 167 retail stores nationwide, and announced the opening of 30 more by the end of 2015.[12]

In 2017, Tanishq launched a sub-brand called Rivaah targeting the wedding segment.[13] In January 2017, the Titan group merged its Gold Plus stores with the larger Tanishq retail brand.[14] In April 2017, Tanishq launched the sub-brand Mirayah to cater to women under their 40s.[15] In December 2017, Tanishq launched the Aveer line, its first line of products for men.[16]

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.[17] The name was formed by combining the first two letters from Tata and निष्क "NIṢKA" (meaning gold coin or necklace in Sanskrit), although the क k has been modified into a क़ q.[18] 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.[17] In October 2020, Tanishq was at the centre of a controversial commercial that sparked backlash on social media over the depiction of Hindu and Muslim community in matrimonial setting. After heavy negative reactions on social media, the company withdrew the ad. NDTV reported that there was mob attack at Tanishq showroom in Kutch district however, it was rejected as false claim by Gujarat police.[19] In a press release the company expressed they had withdraw the ad as it hurt the sentiments of the Hindu community and safety concerns of their employees and stake holders.[20] Another controversy was filed on 9th Nov when the company stopped its ad of celebrating Diwali without crackers.

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. ^ "Welcome to Tanishq". Tanishq. Retrieved 18 July 2018.
  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 to open 30 retail stores across India in FY 15". Thehindubusiness.com. 3 June 2014. Retrieved 13 August 2018.
  13. ^ Deepti Govind (23 July 2018). "Titan targets₹40,000 crore from jewellery business by FY23". Livemint.com. Retrieved 13 August 2018.
  14. ^ Deepti Govind (16 January 2017). "Titan merges Gold Plus brand with Tanishq". Livemint.com. Retrieved 13 August 2018.
  15. ^ Devesh Gupta (5 April 2017). "Tanishq Targets 'Women in 40s' With Mirayah, Launches Campaign". Adageindia.in. Retrieved 13 August 2018.
  16. ^ "Tanishq enters men's fashion with new jewellery line Aveer". Deccanchronicle.com. 19 December 2017. Retrieved 13 August 2018.
  17. ^ a b "Tanishq Jewellery". Goodreturns.com. Retrieved 13 August 2018.
  18. ^ WIPO, Arbitration and Mediation Center. "Titan Company Limited v. Tanishq Corporation". Case No. D2000-1793. Retrieved 26 September 2006. [citation needed].
  19. ^ "Gujarat police dismiss claims of mob attack on Tanishq store". www.businesstoday.in. Retrieved 24 October 2020.
  20. ^ Tewari, Saumya (13 October 2020). "Tanishq says ad withdrawn due to hurt sentiments, well being of staff". mint. Retrieved 24 October 2020.
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