Till 2001, local jewellers ruled the Indian jewellery industry.
Until Tanishq entered the game!
With 1 masterstroke Titans startup,
- CRUSHED the local jewellers
- went from Rs 150 Cr losses => Rs 23,268 Cr revenue!
Here's how Tanishq became the JEWEL in Tata's crown đź§µ
Structure:
1. How it all started?
2. Tanishq’s BIG problems
3. The masterstroke to win over India’s gold market
4. But, how much did this cost Tanishq?
5. Trust stays forever!
1/ How it all started?
By 1990, Titan had established itself as the market leader in watches.
They had changed the consumer mindset from
“watches as commodities” → “watches as a fashion accessory”.
The time was ripe for a cultural change across the organisation.
(contd.)
The next phase of Titan's growth was marked by the introduction of multiple new brands.
Tanishq, the first product brand, was launched in 1994.
The aim of Tanishq was to bring about a change in the way gold jewellery was designed, sold, and perceived.
(contd.)
You see, Titan realised that:
1. Indian jewellery sector was largely unorganized
2. the local jewellers were the absolute experts and consumers had to rely on their word
3. there was no way to compare products or price
4. there were no established quality standards.
(contd.)