New Tanishq campaign to up growth

Titan Ltd hopes to raise the annual growth rate of its jewellery business Tanishq from the present 35 per cent to 40-50 per cent with the launch of a new Rs 8 crore campaign styled 'New Tales of Tradition' during this festive season. Tanishq revenues in 2004-05 touched Rs 535 crore.

The campaign is the biggest ever in the Indian jewellery market, said C K Venkataraman, COO of Tanishq. Tanishq will also expand its outlets, from the present 75 across 55 cities to 85 by the end of the year.

"There is a discernible shift from unbranded to branded jewellery and this is being seen across the country. Branded jewellery is gaining in popularity because of the trust branded jewellery commands," he added.

This trust goes back to the Karatmeter (for checking purity of gold) which Titan made popular in the Indian jewellery market. Branded jewellery makes up only Rs 1,500 crore of the Rs 70,000 crore jewellery market in the country. Tanishq is sitting pretty with no big competition from either domestic or international players.

Venkataraman believes that the premium charged by branded jewellery will not affect its market because of the "design, craftsmanship and purity" attached to it. "It is the branded jewellery alone that evokes trust among consumers," he said.

In spite of the large international market that is waiting to be tapped, Tanishq is right now trying to consolidate its position in the Indian market. Internationally it is only targeting the low hanging fruit, the NRI market.