Tanishq completes a dramatic three-year turnaround story

New Delhi: Tanishq, the jewellery division of Titan Industries, has announced another spectacular year during 2002-03. For the third consecutive year, Tanishq recorded significant growth in revenues and profits, making it one of the fastest growing businesses in the country today.

Says Tanishq chief operating officer Jacob Kurian: "It has been a wonderfully gratifying year for Team Tanishq. Retail sales in our stores across India touched an all-time record high of Rs 332 crore (at consumer prices), representing a handsome growth of 39 per cent compared to the previous year. In addition, during the year, we also achieved corporate and export sales of Rs 57 crore. Therefore, total jewellery sales for the year stood at Rs 389 crore. This means our business has grown nearly three-fold in just three years."

Kurian adds: "During the three-year period 2000-03, we have achieved an annual growth rate of over 40 per cent. This rapid growth rate has been achieved during a period when the overall jewellery market in India has faced a significant growth challenge and in a time of unusual volatility of gold prices. The best validation of our path-breaking business model is our ability to sustain rapid customer acquisition and strong, yet profitable, revenue growth during such a challenging period."