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Introduction

In 2004, Titan Industries' nine-year-old jewellery brand

Tanishq reported sales of Rs 425.68 crore and a net income of
Rs 20.57 crores. In a period of nine years, Tanishq had
become a major revenue contributor to the company. By the
end of 2003, Tanishq was offered in 60 stores in 47 towns
across the country.

Background Note

Titan came into existence in July 1984, when the Tata Group
joined hands with the Tamil Nadu Industrial Development
Corporation (TIDCO) to make a foray into the watch industry.

This was the second venture for the Tata group into the watch industry. During the 1970s, the Tata group had acquired
a 10% stake in the Bangalore based watch company, Hegde & Golay. Its attempt to acquire a majority stake in the
company, however, had failed...

Marketing Strategy

When Titan launched Tanishq in 1995, the jewellery industry in India valued at Rs 40,000 crore, was mostly
unorganized, with around 3.5 lakh players. India was the second largest consumer of gold in the world after USA.
Before 1992, only the Metal and Mineral Trading Corporation and the State Bank of India were allowed to import gold.
In 1992, as part of economic liberalization, the government abolished the Gold Control Act of 1962, allowing free
import of gold...

Concluding Notes

Titan planned to double Tanishq's turnover to Rs. 800 crore by 2006-07. While the average industry growth was around
4 - 5 %, Tanishq was growing at around 45 %. Titan believed there was a huge potential for Tanishq's growth...