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By the end of the 1980s, the Titan Company launched Tanishq in an attempt to earn its own foreign exchange, focused largely on exports. In the early 1990s, India’s exchange issue was fixed, and the Titan Company chose to focus the brand on the Indian market. The first production plant launched in August 1992, and Tanishq’s first store opened in 1996. Tanishq was the first jewellery retail brand in India. The first years of Tanishq recorded consistent losses. In 2000, Managing Director Xerxes Desai chose Bhaskar Bhat to succeed him. Starting in 2000, its net worth started to grown, and by 2003, Tanishq was among the top 5 retailers in India, and made up 40% of the Titan group’s revenue.