The jewellery industry, which is estimated to be around US$ 50 billion, has undergone a huge transformation in last 3-5 years. The market that has been at the consolidation stage, has been witnessing single-digit growth. And one brand that has remained favourite of consumers and has been constantly growing year-on-year is Tanishq.
According to Sandeep Kulhalli, Senior Vice President – Retail & Marketing, Tanishq, “The journey of Tanishq in India has been reasonably long but from the industry perspective it has been very short as we are just 22-years-old in the jewellery retail market. When we started, we had a different objective as we wanted to build differentiation in terms of diamond jewellery exclusively and we did not realise that the market is very traditional and conservative and gold is a leading category. It took us around 4-5 years to realise and thereafter we have had a good run of the business because of the differentiation we brought to the category of the jewellery.”
He adds, “Jewellery is basically an adornment piece for progressive Indian women and that is what has been our foundation on which we have build the brand with other stuff like design sensibility, quality of finish, retail experience, store location, geography expansion and being a truely national player.”
Despite being a popular brand among consumers, Tanishq found that the consumers were not buying the jewellery from the brand for wedding purpose.
“Earlier, we were not the brand of choice for wedding jewellery for many years, so we decided to heavily invested in this category. In last 3 years, after evaluating the huge opportunity, we have invested in marketing, inventory and high value wedding jewellery. We also launched our sub-brand Rivaah catering to wedding needs,” states Kulhalli.
The brand has been growing 30-40 percent year-on-year.
Tanishq, which launched the brand for working women in 2011, sells the Mia jewellery range from its existing stores, standalone Mia stores and select shop-in-shops at multi brand outlets such as Shoppers Stop.
The company plans to open 25 new standalone Mia stores by the end of the current financial year as it looks to grow turnover from the brand.
The brand has been eyeing Rs 1,000 crore turnover as it expands its retail footprint across the country.
“Growth of Mia brand has been consistent for the last few years…upwards of 20-25 per cent CAGR. Right now, Mia brand is strongly under Tanishq’s shadow but we want to parallelly open a fresh retail line. We want to make Mia a Rs 1,000 crore brand in 5-6 years,” reveals Kulhalli.
The company, which opened the first Mia standalone store in 2013, at present has 22 stores across the country.
Kulhalli said Mia’s retail expansion journey has been slow but the company will now open Mia outlets at a faster pace.
“We have already opened 4 stores so far this financial year. We plan to open 25 stores in the current financial year. And for next fiscal year, we are targetting to open 30 more Mia stores in malls,” he adds.
Mia brand also sells its jewellery range through e-commerce channels such as Amazon.
Mia’s jewellery range, crafted in 14K gold, is priced between Rs 4,000 to Rs 30,000.
Recently, Mia by Tanishq, one of India’s most-loved jewellery brand has forayed into silver jewellery in Indian market.
The move aligns with the company’s vision to offer fashionable fine jewellery for discerning young Indian women. Being one of the first brands to introduce contemporary silver jewellery, Mia by Tanishq has broken the norm to showcase contemporary, minimalist silver jewellery which is also affordable, cool and stylish.
“Silver is a very promising and large category, this is the reason why we have ventured into silver jewellery. Till now it has not been seen with modern designs just like the way we have done it. It seems the journey ahead will be really interesting,” asserts Kulhalli.
The Sassy Silver series showcases a collection that is made for those women who do not follow the traditional designs of Silver jewellery, instead increase their fashion quotient with modern ones. Any time is a perfect time to buy silver, and this collection is the perfect impulse buy no woman will look back on. Mia has worked on film series highlighting the importance of the little moments in a woman’s life, which their silver collection celebrates. Whether nailing that pitch at work, or finally making that Goa plan happen, Mia’s new collection comes under the #MeInAction banner that shows the little joys and celebrates that ‘a-treat-to-myself’ moment a woman feels.
The new silver collection boasts of contemporary and beautiful enamelling, with colourful stones and various designs that suit almost any occasion, and is available starting at Rs. 1,999.
Just like Mia, which is exclusively for women, Tanishq has a year-old brand for men too – Aveer.
He says, “It is largely a digtial-led journey for men’s brand Aveer. Men’s category has already been a part of our sales. But, now we are building the category for more urban and progressive male. We want to reposition it as an apirational men’s jewellery line and inculcate younger people and modern Indian consumers to own gold.”
“Aveer has a small share in the jewellery business and we look to triple the sales in 3 years time,” he adds.
The brand, which has Titan as its online partner, has just started its Omnichannel journey.
Explaining it further Kulhalli says, “Going forward we are creating our own Tanishq jewellery platform and then loading the entire store inventory on to it and customers will be able to see the entire depending on where they login from and which store they are interested in. It is expected to be completed in next 6-8 months.”
He adds, “We will also be offering facilities like pay online and get it delivered at home. Customer will be treated as a king and it will be at his/ her disposal how they want to interact with the Tanishq stores.”
At present, Tanishq has 267 stores in 165 cities, 22 Mia stores and 3 Zoya stores.
“We have been adding 30-40 stores every year and by this fiscal end, we will be adding another 15 stores,” concludes Kulhalli.