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When we started out we didn't think that we could achieve this, but now being jewelers to the nation doesn't seem so distant.In 1995, Titan Industries, India's leading manufacturer of watches, launched the Tanishq range of gold watches and jewelry. Till then, the Indian jewelry market was to a large extent unorganized, with a few recognized names such as Tribhovandas Bhimji Jhaveri and Mehrason's. Tanishq, an entirely new concept in the Indian market, thus had to struggle hard to be accepted by the customers. Industry watchers were extremely skeptical of Tanishq and doubts were being cast over its prospects.
Tanishq began by offering jewelry in the 18-carat gold range, with designs borrowed heavily from contemporary European brands. The company justified its decision saying that it wanted to be `different' from the traditional Indian offerings.
Tanishq performed very badly in the next three years, posting a huge loss in 1997-98, proving its detractors right. Jacob Kurian, Tanishq's Chief Operating Officer admitted, "Tanishq, as a concept, was far too ahead of its times." Even if one agreed with Kurian, it could not be denied that Tanishq did commit mistakes. Analysts decreed that the company's strategies were wary.
At this point, Tanishq took various steps to correct the mistakes it had committed and very soon, posted its first ever operating profit in 1999. In 1999-00, sales doubled to Rs. 1,532 mn against Rs. 743.8 mn recorded in 199899 and reached Rs. 2,000 mn in 2000-01. Tanishq fared equally well on the export front also with heavy exports to UK, US, Australia and West Asia. Tanishq was the largest overseas chain in US with 1,200 outlets. In the year 2000, exports contributed 10 percent to the company's turnover.
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