Company Name: TBZ
Founders: Tribhovandas Bhimji Zaveri
TBZ or Tribhovandas Bhimji Zaveri Limited is one of the oldest and renowned jewelry company of India. The company as of now has more than 35 showrooms in India. TBZ mainly sells diamond-studded jewelry and gold jewelry. Apart from this, the company also has two designer boutiques under the name ‘Krsala’.
The headquarters of the company is situated in Zaveri Bazaar, the famous jewelry district of Mumbai. As of 2010 TBZ holds the revenue of Rs. 8.8 billion. The Mumbai shop of the company was robbed by Mon Singh and 26 other fake CBI officers under the disguise of RAW officers. A movie has also been made on this incident which is called Special 26. It released in 2013.
How It All Started
TBZ started its journey with Tribhovandas Bhimji Zaveri in the year of 1864, more than 150 years ago. The first store of the company was established in Zaveri Bazaar. After Tribhovandas, his son Gopaldas Tribhovandas Zaveri became the head of the company.
Now Shrikant Zaveri is the present chairman and managing director of the company. After almost 140 years since its inception, the company was incorporated in 2007.
Launching
Even though the company had started as a gold jewelry manufacturer, but over the years, it has expanded its business quite much. They are now known for not only its gold jewelry but also for diamond-studded jewelry with a large variety of unique design.
TBZ sells synonymous jewelry for various occasions such as wedding ceremonies, festivals, and other celebratory ceremonies. TBZ also has two designer boutiques under the name ‘Krsala’, where it sells Jadau and diamond-studded jewelry. The Zaveri Bazaar showroom is considered to be the largest showroom of the company. The manufacturing unit of TBZ is situated in Kandivali in Mumbai.
Marketing Strategy and the Reasons behind Its Success
Product Quality and Design: Unique designs, as well as good quality of the products, are very important to get success in the jewelry market. This has always been the motto of TBZ. Since its inception, the company has been providing good quality materials. Over the years, it has been continuously working on the designs of its products to make those more unique and attractive. Because of this, TBZ is considered to be one of the most popular companies in India that have such a diversified product portfolio.
The Gold Collection sets of TBZ include items like earrings, bangles, chains, necklaces, rings, etc. The company also offers rings, waist-belts, bangles in its diamond collection. In the Platinum Collection sets, TBZ also provides love bands and pendants with the other variants. The wedding collection of TBZ is consists of the most uniquely designed jewelry which can astonish any customer.
Along with this, the company has also started producing jewelry collection for the male population which includes items like bracelet and rings. The Azva Collection of the company consists of jewelry which is inspired by the rich history of India and perfect for any traditional occasion.
Price: With unique designs, price is also a very important thing when selling any product. Beautifully designed products with comparatively less price can attract more customers than anything else. TBZ has always targeted the middle and upper-middle-class society.
Based on this targeted section, the pricing of the products has been set by the company. Every product of the company has a different price range which is affordable for every other class. As most jewelry market customers belong to TBZ’s targeted group, the sale of the products of the company has increased day by day.
Oldest in the Business: TBZ is considered to be the oldest jewelry company of India. Over the years, because of the company’s brilliant pricing strategy and unique design of the products, TBZ has gained an enormous amount of reputation and has an impressive customer base. It has also received various awards and accolades. In the year 1978, TBZ had received an award for Outstanding Export Performance.
In 2004, it received the Best Showroom award and in 2013, the company received MACCIA Award. The good qualities of the products and the awards have earned them the valuable recognition and trust of its customers. Thus, the usual customers of TBZ always look for the company’s products overlooking other rival companies’ products. This gives the company a definite edge over its rivals.
Place and Distribution: As a retail chain, TBZ has spread its presence all over the country. They have over 35 showrooms in the big cities like Mumbai, Kolkata, Hyderabad, Delhi, Pune, Nagpur, etc. Because having so many showrooms in the biggest cities in India, TBZ has successfully attracted many consumers which eventually have increased the sale of its products.
Promotion: Promotion is a very important part of the business. With proper promotional activity, any product can get success in the market. TBZ was always a company with high brand value. The company has a strong social media presence. It takes the help of popular social media platforms such as Facebook, Twitter, and Instagram.
It always provides its customers about the new products beforehand which creates a sense of excitement among them and makes them curious about the product. Also, in the festive seasons, TBZ provides various discounts on its products which help the company in attracting more customers. TBZ has launched the4 TBZ Gift Card as a part of its promotional scheme. The receiver of this special gift card can anything he or she wishes within the amount limit.
Campaigns
In 2012, TBZ won the GJF award for the Best Advertising Campaign of the Year because of the popular wedding campaign it had launched. This campaign aimed to attract the customers in Kerala, Gujarat, Andhra Pradesh, Maharashtra, and Madhya Pradesh with the elegant design of the company’s new wedding collection.
The daughter of renowned actor Saif Ali Khan, Sara Ali Khan has been introduced as a brand ambassador of TBZ in 2019.
Conclusion
TBZ is one of the leaders in the market of organized jewelry in India with a legacy of over 150 years. It was the first company of India who offered buy-back guarantees for purchasing jewelry through its stores.
With stores all over the country, TBZ is gradually growing more and more with the hope of becoming the leader of the Jewelry market not only in India but also of the whole world.
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