Tanishq, a jewellery brand needs no introduction. Founded in 1994, the brand has been the hallmark for pure gold and diamond jewellery. In an interview with TFW Bureau, Ashim Nagpal, a successful franchisee of Tanishqspeaks about his journey, success and future plans with the brand.
Tanishq, a jewellery brand needs no introduction. Founded in 1994, the brand has been the hallmark for pure gold and diamond jewellery. In an interview with TFW Bureau, Ashim Nagpal, a successful franchisee of Tanishqspeaks about his journey, success and future plans with the brand.
How has been your association with India’s leading Jewellery brand ‘Tanishq’ so far?
Our association with Tanishq dates back to 1997 when the brand had just started its first operation in retailing jewellery in 1996. The Journey has been incredible as itrequired the urge and need to succeed at all costs. The brand through its retail outlets had a daunting task to wean away customers from their traditional 200 year old association with family jewellers and bring them in their fold. The journey so far has been mutually rewarding. The very fact that we have completed 25 years with the brand speaks volumes about the relationship and the company.
Kindly share your entrepreneurial journey so far and your share of good and bad days?
The entrepreneurial journey has been memorable and rewarding but the road has been difficult and had lots of bumps on the way. The relationship on ground is classified as being a management agent for the brand Tanishq. After having a dream run in watches where there was great demand for the product the jewellery market was a very difficult one. The competition was region/town/tehsil specific and trade practices were varied. There was no standardization both in quality and prices. The company invested heavily in creating the brand and transparent systems for the consumer in the initial years. However, the results started showing after 2007 when the brand just took off.
When and what inspired you take the franchise of ‘Tanishq’?
We already were franchisee to the parent company- Titan Company Limited for their watches division since 1989. When the company ventured into making of Jewellery we were confident of the product and the company, backed by the TATA trust venturing into the jewelry segment was only logical for us.
How many outlets do you currently have? Do you own the franchise of other brands besides Tanishq? If yes, then kindly share which all.
We currently run two outlets for Tanishq. As mentioned, we have been the franchisees for other brands from the same parent company Titan for watches: Titan World, Helios and for eye wear: Titan eye plus.
What is the secret behind running successful outlets? How did you make this happen?
A successful operation is one which is run efficiently, lean and enduring. Our trade requires a lot of in-depth knowledge of the trade. Training manpower on a continuous basis is a primary requirement. The outlets are continuously spruced up and maintained well to give each customer a memorable experience every time they visit the store. There is also a great bond of confidence between the customer and the Retail Sales Officer.
What are your future plans? Are you planning to add more stores to your kitty of the same brand or any other?
Our professional relationship with the brand (Tanishq) has been since inception which is 25 years old, however relationship with the company (Titan) is far longer, nearly 34 years. More stores in other formats like MIA and Helios are in pipeline. Any further additions can only happen as per policies of the company.
Your take on franchising! Why did you choose the same to start your business?
Franchising is the future way to go as Mom and POP stores are likely to be limited to expertise on a limited scale. Franchise business brings in a wealth of knowledge on a continuous basis and the systems for self improvement can be upgraded on a year to year basis. This was recognized by our firm 34 years back.
What can you say about the Jewellery Industry? What are the recent trends of the industry?
The jewellery industry is ever vibrant as our culture warrants acquisition of jewellery on two important fronts: weddings and for investments. The recent trends show that the consumer is more aware and seeking transparency in this trade. Hence there is an increasing tendency to shop for standardised and certified products. Brands are likely to gain in future.
It must have been hard for you during the Pandemic. How did you manage? Has the sales picked up now?
Pandemic has been an eye opener for all of us. We were always in touch with our customers, not just for our sales but for knowing their well-being. There were so many instances when help was extended by our clients who are Doctors to us and vice versa. The staff was kept motivated by maintaining highest standards of hygine and safety precautions at the outlets. The customers gained confidence looking at our safety standards and were comfortable to come back and shop. We gained the lost time of closure in the lockdown period within the same year. A noticeable trend was that the customer was very disillusioned with the policies of the jewellery market when they needed money during the lockdown period against the sale of their jewellery. They expressed their desire to shift to brands in future. This trend is holding up strongly in favouring us.
A word of advice for young entrepreneurs!
Young entrepreneurs need to make their choices as per the product of their interest and then decide for the company backing it. The path is long and tough but the journey to success is neither a short cut nor guaranteed. We need to work hard each day to make it a success!
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