Why Tanishq Is The Best Retail Jewellery Franchise In India In 2024?
Written By: Shruti Agrawal
As we step into the promising landscape of 2024, the allure of the Tanishq franchise in the realm of jewellery retail shines brighter than ever before. Tanishq, a name synonymous with exquisite craftsmanship and timeless elegance, continues to captivate the hearts of jewellery enthusiasts worldwide.
But what makes it even more compelling in the year 2024 is the golden opportunity it presents to aspiring entrepreneurs and seasoned business owners alike.
In a world where the pursuit of beauty, tradition, and individuality is cherished, the jewellery industry remains a beacon of enduring fascination. Within this industry, the Tanishq franchise stands out as a gleaming gem of opportunity.
This introduction serves as a gateway to explore the significance of "Why Tanishq is the best retail jewellery franchise in india in 2024"
About Tanishq Franchise in India
Tanishq is an Indian jewellery brand and a division of Titan Company, which is backed by Tata Group and TIDCO. It was established in 1994 and has its headquarter in Bangalore. Tanishq has earned a reputation for its exceptional craftsmanship, stunning designs, and high-quality jewellery.
Tanishq started with the launch of 18k gold watches studded with precious stones in 1994 but soon grew into a 22K jeweller who presented a wide range of gold jewellery studded with diamonds or coloured gems, exquisite platinum jewellery, and designer silverware.
Tanishq is India's leading wedding jeweller and understands the varied needs of every regional bride, which has stood as its inspiration behind creating special designs.
Tanishq has 410 retail stores across more than 240 cities in India. In April 2014, the brand started to export to the United Arab Emirates, and in January 2023, it launched its first US store in New Jersey.
Tanishq Franchise Business Opportunity 2024
Tanishq is a top player in retail jewellery brands in India, and it operates under the COCO (company-owned and company-operated) model. It also follows the FOCO (franchise-owned and company-operated) model.
The Tanishq Jewellers franchise fee will be in the range of INR 30 to INR 50 lakh. The franchisor will handle all aspects of the chain's operations, including employee wages, inventory control, shipping, discounts, and many others, while the franchisee will be responsible for paying the rent and electricity bills.
The FOCO model from Tanishq often adopts a revenue-sharing idea, where the franchisor agrees to share a specific percentage with the franchisee owner. An expected revenue-sharing range for interested candidates is between 12 and 20%.
Investment Required To Start A Tanishq Franchise
To open a Tanishq franchise in a small town, the investment required is around INR 15–20 crore, while a big-format outlet costs INR 40–50 crore. Though the investment is a bit on the higher side, the franchisee can expect a good Return on investment (ROI).
Prerequisites To Start Tanishq Franchise In India
If you are interested in starting a Tanishq franchise in India, there are certain requirements that you need to fulfill. Here are the prerequisites to start a Tanishq franchise in India
- Financial Requirements: To become a Tanishq Jewellers Franchise partner, one would at least require an initial investment of ₹15 Crores to ₹20 Crores with a minimum floor area of 2000 – 2500 sq. ft. Majority of the investment goes into inventory or stocking.
- Space Requirements: The space required to open a Tanishq franchise is 2000–2500 sq feet.
- Infrastructure Requirements: The infrastructure investment for a Tanishq franchise is around Rs. 1.5 crore to Rs. 3 crore.
- Franchise Fee: Tanishq Jewellers' franchise fee would range from about Rs. 30 lakh to Rs. 50 lakh.
- Revenue Sharing: Typically, Tanishq's FOCO model applies a revenue-sharing idea where the franchisor agrees to share a set percentage with the franchisee owner. A revenue sharing of between 12% and 20% is possible for interested candidates.
- Application Process: Interested applicants can visit the official website of Titan, a TATA company, and select the "Franchise" option. The application form can then be completed and submitted online. One can also consider taking the help of a consulting firm and contacting the brand through consultancy.
Steps To Start A Tanishq Franchise In India
Starting a Tanishq franchise in India typically involves a series of steps and requirements. Below are the steps one might need to follow:
- Research and Contact: Begin by conducting thorough research on Tanishq and its franchise opportunities. Visit their official website or contact their franchise department to express your interest.
- Initial Qualifications: Tanishq may have specific qualifications and requirements for potential franchisees. Ensure that the franchisee meets these criteria, which might include financial stability, business experience, and location preferences.
- Application Process: Submit a formal application to Tanishq. They will likely provide one with an application form that one needs to complete.
- Evaluation and Approval: Tanishq will review your application, considering factors such as your financial capability, location choice, and alignment with their brand values. One can continue with the further procedure if the application is accepted.
- Site Selection: Work with Tanishq to select an appropriate location for your franchise store. Location is critical to the success of a jewellery store.
- Franchise Agreement: Once a location is finalized, you will be presented with a franchise agreement that outlines the terms and conditions of the franchise relationship. Carefully review the agreement and, if acceptable, sign it.
- Investment and Financing: Make the initial investment required to set up the franchise store. This will cover expenses such as store setup, interior design, inventory, and operational costs.
- Store Setup: Set up the store according to Tanishq's standards, including interior design, layout, and branding elements. Tanishq may provide support and guidelines for this process.
- Training: The entrepreneur and the staff will undergo comprehensive training in areas such as product knowledge, customer service, and store operations to ensure that your store aligns with Tanishq's standards.
- Inventory Management: Procure and manage the inventory of jewellery to be sold in your store. Maintain a diverse selection of designs and collections.
- Marketing and Promotion: Implement marketing and promotional activities in your local area to attract customers. Tanishq may also support you with regional or national marketing efforts.
- Ongoing Support: Expect ongoing support from Tanishq, including regular visits, guidance, and assistance to help you succeed in running your franchise.
- Royalties and Fees: Comply with the terms of the franchise agreement, which may include paying royalties or fees based on a percentage of the sales.
Market Trends Of the Jewellery Business In India
India has about 2 lakh franchise stores operated by almost 1.7 lakh franchisees. Approximately 26% of franchise buyers are women in an individual capacity or as a couple. The Indian jewellery market is estimated to grow by USD 21.54 billion from 2023 to 2027 at a CAGR of 6% with gold having the largest market share.
The rise of analytics in the jewellery franchise industry is transforming the industry by leaps and bounds and aligning itself with the advancing corporate culture.
In the jewellery segment, 19% revenue growth was led by 20% growth in the domestic business. The growing demand for high-quality and branded gold and jewellery products
For the upcoming years, established brands will guide the market and come up with new opportunities to grow and strengthen it.
Benefits Of Starting the Tanishq Franchise
- The Tanishq franchise investment has the potential to earn good profit. Due to the huge brand value, customers trust
- Tanishq offers the "Golden Harvest" programme, which allows clients to make monthly little deposits. At the end of the scheme, they can buy jewellery of the same amount from Tanishq. So, customers not only can plan their jewellery purchases much in advance but also can get them at a discounted price.
- Tanishq Jewellers gives its partners full training and support, including help choosing a location, decorating the store, and other things that are needed.
- Tanishq Jewellers offers comprehensive training and support to its franchisees, including assistance in site selection, interior decor, and other necessary stuff.
- Strong marketing and promotional support from Tanishq Jewellers aids in attracting customers to their stores.
- The Indian jewellery market is estimated to grow by USD 21.54 billion from 2023 to 2027 at a CAGR of 6%, with gold having the largest market share. This indicates that there is a growing demand for jewellery in India, which can benefit franchisees.
- Tanishq is planning to open more than 200 outlets in at least 130 new small towns in the next 5 years. This indicates that there is a growing demand for Tanishq jewellery in smaller towns, which can benefit franchisees.
- Tanishq operates as the largest jewellery franchise in India, and a large portion of the investment is in stock, which is gold.Therefore, it is always valuable throughout the entire business cycle.
To conclude, as the jewellery market evolves, Tanishq's ability to seamlessly blend tradition with contemporary design places it at the forefront of the industry. The brand's franchise model not only promises access to a renowned name but also provides guidance, support, and a framework for sustainable business growth.
In 2024 and beyond, the Tanishq franchise not only represents an opportunity for financial success but also an invitation to be a part of a legacy that celebrates beauty, culture, and craftsmanship. The allure of the brand, combined with the potential for growth in the jewellery retail market, makes a Tanishq franchise a truly golden opportunity for those with a passion for jewellery and a vision for retail success.
Ready to embrace the glittering future of jewellery retail with a Tanishq franchise in 2024? Discover your golden opportunity today! Contact FranchiseBAZAR to take the first step towards turning your dreams into reality.
Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.
Written By: Divisha Pandey
Written By: Yukta Palekar
Healthcare concerns are a...
Written By: Resham Daswani
Written By: Yukta Palekar