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Tanishq

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

Tanishq is an Indian jewellery brand under Titan Company.[1] Founded in 1994,[2] It is based in Bengaluru, and has 410 retail stores across more than 240 cities in India, UAE, the US, Singapore and Qatar.[3][4]

History

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By the end of the 1980s, Titan launched Tanishq, which 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 the 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.[5]

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.[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 opened its 150th showroom in India.[9]

Deepika Padukone became the brand ambassador of Tanishq in 2015.[10]

In 2017, Tanishq launched a sub-brand called Rivaah targeting the wedding segment.[11] In January 2017, the Titan group merged its Gold Plus stores with the larger Tanishq retail brand.[12] In April 2017, Tanishq launched the sub-brand Mirayah to cater to women under their 40s.[13] In December 2017, Tanishq launched the Aveer line, its first line of products for men.[14]

By December 2022, Tanishq had 385 retail stores in India and announced the opening of 45-50 stores by the end of 2023.[15]

International presence

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In the late 2000s, Tanishq made its first attempt to go international with stores in the United States (at Chicago and New Jersey), but closed them after a few years. In 2020, in the middle of the COVID-19 pandemic, it opened its first store in Dubai. Since then, the brand has launched stores across UAE (Dubai, Abu Dhabi and Sharjah) as well as in USA, Qatar and Singapore. By the end of 2023, the brand had 14 stores outside of India, and announced plans to continue to expand its international footprint.[4]

GCC

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The first international Tanishq store was opened in October 2020, in Dubai in the market area of Meena Bazar.[16] Since then, the brand has expanded to various parts of UAE across Dubai, Abu Dhabi and Sharjah. In 2023, the brand entered Qatar with two stores in Doha.[17]

United States

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In 2023, the brand opened its first store in New Jersey on Oak Tree Road, an East Coast shopping district for Indian goods and services.[18] In 2023, it added two stores in Texas.[19]

South East Asia

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Tanishq SE Asia, Singapore store
Tanishq store in Little India, Singapore.

On 4 November 2023, Tanishq launched a boutique store in Singapore at the intersection of Serangoon Road and Syed Alwi Road in Little India.[20]

Name

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The name Tanishq was chosen by Titan's first managing director Xerxes Desai.[21] 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.[22] 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.[21]

Controversies

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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".[23][24] A month later, it withdrew another ad which had called for Diwali to be celebrated without firecrackers, owing to criticism on social media.[25]

References

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  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 Fiinews (6 November 2023). "https://www.fiinews.com/2023/11/06/market-tatas-tanishq-works-on-global-expansion-opens-glittering-singapore-showroom/". Retrieved 15 January 2024. {{cite web}}: External link in |title= (help)
  5. ^ a b Priya Ganapati (4 July 2003). "How Tanishq turned around". Rediff.com. 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 ropes in Deepika Padukone as brand ambassador". Business Standard. 8 May 2015. Retrieved 15 January 2023.
  11. ^ Deepti Govind (23 July 2018). "Titan targets₹40,000 crore from jewellery business by FY23". Livemint.com. Retrieved 13 August 2018.
  12. ^ Deepti Govind (16 January 2017). "Titan merges Gold Plus brand with Tanishq". Livemint.com. Retrieved 13 August 2018.
  13. ^ Devesh Gupta (5 April 2017). "Tanishq Targets 'Women in 40s' With Mirayah, Launches Campaign". Adageindia.in. Retrieved 13 August 2018.
  14. ^ "Tanishq enters men's fashion with new jewellery line Aveer". Deccanchronicle.com. 19 December 2017. Retrieved 13 August 2018.
  15. ^ "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.
  16. ^ "Tanishq opens first international store in Dubai - Khaleej Times". Retrieved 15 January 2024.
  17. ^ "Tata Group arm Tanishq opens 2 new stores in Doha, expanding GCC presence - Arabian Business". Retrieved 15 January 2024.
  18. ^ "Tanishq's New Jersey Debut Drew Customers From Across the East Coast".
  19. ^ "Indian jewellery brand Tanishq opens two stores in Texas - ET". Retrieved 15 January 2024.
  20. ^ www.ETRetail.com. "Tanishq opens boutique in Singapore, plans 50 stores globally - ET Retail". ETRetail.com. Retrieved 15 January 2024.
  21. ^ a b "Tanishq Jewellery". Goodreturns.com. Retrieved 13 August 2018.
  22. ^ WIPO, Arbitration and Mediation Center. "Titan Company Limited v. Tanishq Corporation". Case No. D2000-1793. Retrieved 26 September 2006. [citation needed].
  23. ^ "Tanishq pulls down ad after social media uproar". The Indian Express. 14 October 2020. Retrieved 20 February 2023.
  24. ^ Tewari, Saumya (13 October 2020). "Tanishq says ad withdrawn due to hurt sentiments, well being of staff". mint. Retrieved 24 October 2020.
  25. ^ "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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