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Published on: Aug. 24, 2023, 2:31 p.m.
How Tanishq serves multiple sensibilities
  • Royal Jharokhas necklace set from Tanishq

By Suman Tarafdar

Even with the rarified heights of high fashion, the Paris Haute Couture Week holds a special significance. So, when Tanishq, the jewellery division of Tata-owned Titan, premiered its latest collection, Tales of Mystique in conjunction with designer Rahul Mishra, it was globally noted.

Ahead of the peak season for jewellery buying in India, the collection is in stores, even as Tanishq is emerging stronger after the hiccups of the Covid era. Lessons have been learnt, not the least of which is the need for a broader approach. “Covid has left us with the lesson – our priority is omni-channel and not as much pure play e-commerce,” points out Arun Narayan, VP, category, marketing & retail, Tanishq.

Indeed, Titan reported a quarterly net profit at Rs734 crore in March 2023 – up 49.49 per cent from Rs491 crore in March 2022. Earlier this year, Titan had said it aimed to grow 2.5 times in the jewellery business in the next five years.

“Our collection resonates with the modern woman, who values her identity and expresses herself uniquely. It's for those who appreciate intricately designed jewellery that holds a deeper meaning,” says Narayan, pointing out that gemstones (which the present collection sees generous use of) is a growing part of the portfolio. “We started as the only diamond jeweller, and added gold to our portfolio much later. Now it’s a journey of blending it with gemstones. It’s still early days, a developing stage.”

As to who is the potential customer for this collection, which is expected to retail at about 1 million as a set (it varies though), Narayan says that “metros have a greater exposure and awareness, and a greater propensity to experiment also because of the more opportunities you have to wear. However, even in what we would refer to as small towns even there the level of exposure is increasing. Here, the accent is on gemstones, but there are a lot of diamonds here as well.”

  • We would like to grow ahead of the market, says Narayan

    We would like to grow ahead of the market, says Narayan

Growth path

“We would like to grow ahead of the market,” asserts Narayan. “There is a formalisation happening across industries in India, and it's sweeping the jewellery sector as well. Consumers want to adopt brands they can trust, brands that are progressive. We are seeing that even as we expand our stores into the smallest of towns – we are present in about 250 towns (in 450 stores) – and we are seeing uniform interest in consumers.”

Narayan admits that a major challenge to growth is the present volatility in gold rates.  The appreciation of metal in the last two three years has been considerable. “It continues to be turbulent in that sense. There is volatility in gold rates and that’s perhaps one piece which is a challenge because especially when we see an overhang of inflation.”

However, the brand plans to stick to opening about 35 stores a year, “for the foreseeable future. The response in the last couple of years has encouraged us not to move away from this.” And it's counting on collections like these to catch those crucial eyeballs to make that happen.

  • Subtle Silhouettes necklace set

    Subtle Silhouettes necklace set

Tales of Mystique

Inspired by the imposing architectural heritage of Rajasthan’s palaces, this latest collection is unusually colourful by India’s jewellery standards, prominently featuring diamonds, along with coloured gemstones. The collection has been designed keeping in mind a well-travelled clientele. Comprising necklaces, chokers, danglers, rings and bracelets, the pieces can be worn together as a set, or purchased separately, and have premium pricing to match.

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