Tanishq bets big on a differentiated brand play, looks to stay relevant

Changing customer attitudes have driven the market into uncertain times and for Titan's band of jewellery labels, this has meant drawing separator lines more sharply within the portfolio

The marriage market in India has spawned a host of industries, but its biggest beneficiary has been the branded jewellery market. However, changing customer attitudes (in urban pockets) and lifestyles have driven the market into uncertain times and for Titan’s band of jewellery labels, this has meant drawing the separator lines more sharply within the portfolio and at the same time, create a brand that talks to the new, young consumer without turning the traditional and premium buyer away.  

Sandeep Kulhali, senior vice-president, retail and marketing (jewellery division), Titan Group, says that its differentiated portfolio is a reflection of the way the brand has looked at the market, right from the start. The distinctions between the brands reflect the rather varied needs of the Indian jewellery consumer.

Mia, the brand aimed at young, working women, has begun working with influencers on social media to spread the word, while Tanishq, associated with weddings and festive occasions, works with celebrity endorsers such as Deepika Padukone. The company also has a luxury label called Zoya. The business has always been consumer-driven and that is what they continue to do, Kulhali adds. 

The jewellery buyer today does not fit a singular archetype. According to Euromonitor International, the young buyer does not consider jewellery an asset. Research indicates that they want contemporary, light and minimalistic designs and are open to collaborating with jewellers for customised and multifunctional jewellery. “There is a rising demand for multifunctional jewellery,” says Anul Sareen, senior research analyst, Euromonitor International.

Mia brand is promoted by influencers on social media

This marks a big shift from the time that Tanishq entered the market. As Kulhali explains at the time (1996) jewellery was bought mostly from family jewellers. The market was largely unorganised and breaking through the stronghold of such stores was difficult. The focus was on creating a space for branded jewellery and building trust. “We managed to make it more organised, focused on designs and how it will reflect when adorned,” he says. 

Ambi Parameswaran, founder, Brand-Building.com, says, “Tanishq has been able to build a strong momentum behind branded jewellery.” He sees the move to create sub brands and differentiate between them with independent narratives as a good move. “Some sub-brands have become independent, almost. Zoya for instance. Some others  like Mia have a strong connection with the mother brand. Aveer for men, is yet another brilliant initiative. The idea of bringing a whole new generation of women [and men] into jewellery is a good marketing initiative,” he says.

Mia aimed at the working woman is expected to tie the mother brand to its new clientele. Its narrative is all about a woman buying jewellery for herself and its association with influencers is expected to further its digital imprint. “Influencers give a perspective to the brand. Brand ambassadors come at a later stage when the customer base is ready,” says Kulhali.  

Mia brand is promoted by influencers on social media

 N Chandramouli, founder, Trust Research Advisory, seconds that. “The young buyer does not consider jewellery an asset. To attract the millennial population going out of the jewellery market, who tend to hire jewels for their wedding it is a good move as they look for people who relate to their lifestyles,” he says. 

Parameswaran, too, believes that the choice of Mia as the brand led by influencers is a smart move. “Fashion brands, both in India and in the West, have managed to use influencer led marketing very well. I am sure Mia too will,” he adds.

With Mia, the company can also build a protective ring around itself. If gold loses its sheen, as some reports have suggested, Chandramouli says that the brand has the flexibility to look at alternatives such as silver, precious stones etc. But that is still a long way away, given  the near insatiable lust for gold in the country.