The Rs 200 crore Tanishq — the jewellery division of the Rs 700 crore Titan Industries — has embarked on expanding the marketing base for its brand of jewellery to countries, such as Europe and Canada soon. The move is aimed at creating a niche for the ‘Tanishq’ brand in gold and diamond studded jewellery segment.
Tanishq already exports its range of jewellery to Gulf countries, the USA, UK and Europe. The division targets to garner an export turnover of Rs 22 crore by the next year end from Rs 11 crore in the current year. In a bid to spur more volumes, Tanishq, which is celebrating its fifth anniversary, has launched a new consumer scheme as per which a discount of 20 per cent is being offered on the entire range of jewellery which comprises earrings, finger rings, necklaces, bracelets, bangles, among others. The Anniversary Scheme is valid till August 14, 2001. According to Tanishq divisional manager (sales and marketing) Govind Raj: "Tanishq has a growing number of loyal customers across the country. It is because of their affection for the brand and their appreciation of the Tanishq offering, that we have been able to grow at such a dramatic pace. Our fifth anniversary is an appropriate occasion for us to thank millions of our loyal customers through this scheme." Of the Rs 40,000 crore jewellery market, Tanishq has a market-share of half a per cent. The competitors Tribhovandas Bhimji Zaveri has a share of around about 1.5 per cent. Apart from this, Tanishq is setting up two exclusive showrooms through the franchisee route in addition to its existing franchise-owned 42 showrooms and six company-owned showrooms, next month. Tanishq targets its sales turnover to touch Rs 250 crore by the year end 2002.