As flag-bearer of traditional jewellery, Tanishq has made impressive progress with its increasing number of stores across India.
Tanishq has been ranked in the latest Franchise 100 list 2020, published by The Franchising World magazine. Its continued focus on franchising enabled the brand to make it to the coveted list.
The Franchise 100 list recognizes the Top-100 fastest growing franchise brands and is considered as the most esteemed honor for franchise businesses in India. The list puts forth the best franchise opportunities for 2020 after analyzing the leading franchisors on the basis of franchise ecosystem size and growth, financial strength and growth, and support offered to franchise partners.
Launched in the early nineties as the jewellery arm of Titan, Tanishq has over 250 franchise stores and 50 company-owned stores. The brand has been a trusted forerunner in the sector, not only attracting a steadily growing number of customers but also investors keen on associating with the brand. “Customers don’t buy jewellery online as much as they buy fashion categories like apparel or watches. Yes, they do search jewellery online. As such, our brick-and-mortar stores are highly preferred,” says Sandeep Kulhalli, Senior Vice President (Retail and Marketing), Titan Company. So, even as retailers across sectors are turning to digital spaces, Tanishq is one of the few brands that believe in connecting with its customers at the stores, personally asking what they would like to see.
Such initiatives are certainly helping the brand build up loyalty among its clients. When the Indian jewellery market underwent much turbulence due to high-profile scams linked to famed jewellers, Tanishq was one of the few brands that retained the customers’ trust and emerged profitable. At FY2019-20 end, Titan reported that its revenue from the jewellery business, mainly Tanishq, grew 36.95% while profits from the division increased 76.51%. According to the company, Titan earns more than 80% of its total revenue from sales of jewellery.
A Tanishq store requires an initial investment of Rs 15-30 crore with space of 4,000-10,000 sq. feet. In a high consumer traffic area, a Tanishq franchise can expect breakeven within 36-60 months. Titan plans to set up 40-50 new Tanishq boutiques in tier 2 and 3 cities each year for the next few years.
The Franchising World, India’s no.1 franchising magazine, identifies the Top-100 franchise brands and celebrates their achievements every year in its anniversary issue. The issue highlights the established and emerging Indian and global brands that are increasing their positioning in India along with the new-age brands that are lucrative and profitable, expanding fast and can act as a reference guide for budding entrepreneurs and investors across India.
Franchise 100 is the one-stop destination to know everything about the franchise industry and the leading brands, which investors and prospective franchisees can consider to start their entrepreneurship journey.