Add More Sparkle To Your Portfolio With Tanishq
Synonymous to superior craftsmanship, Tanishq started its journey by launching the 18K gold watches
studded with precious stones. It soon grew into a 22K gold jeweller, who understood the evolving needs and desires of the Indian woman. A blend of tradition with a contemporary look made it India’s first and largest jewellery retail store chain.
Thanks to success achieved by Titan, which started franchising in 1988, Tanishq got into franchising in 1996. The basic aim was to expand and maintain itself as the top Indian jewellery brand. Currently, close to 160 odd stores are franchised, while 46 of its store are company owned. Growing with new and old franchisees, today, majority of its franchisees are in Tier - II, III and IV cities. Owing to the success franchisees got through Titan , many of them opted for Tanishq franchise adding more sparkle to their portfolio.
Talking about how it helped the brand deal with the same set of franchisees, Sandeep Kulhalli, senior vice president (retail and marketing) at Tanishq, says, “Well, they are knowledgeable, they know the gist of the company, they are familiar with the model, management, and organisation. We feel more comfortable dealing with such people.”
Depending on the model, it takes 2 to 15 crore to open a Tanishq franchise. Talking about the RoI a franchisee can expect, Kulhalli says, “It ranges between 20 per cent and 40 per cent depending on the business, turnover and location.” Today, 25-30 per cent of the franchisees are those who have been with the company from the initial stages. The typical profile of Tanishq franchisee is businessmen, retailers, and distributors.
Talking about maintaining a healthy relationship with the franchisee, Kulhalli says, “We conduct annual events, frequent meets, panels, discussions, etc. We have a cooperative team who escalates issues to senior management.” The company also takes care of merchandising, marketing campaigns, staff motivation activity and medical insurance for staff.”
Going forward, the brand is targeting 20 stores every year while keeping its eyes on partners with good
market reputation and integrity.
(This article was first published in the January issue of Entrepreneur Magazine. To subscribe, click here)