When we think of jewellery in India, Tanishq comes to mind first. It occupies substantial mind space, millions own it, and its stores are prominent and everywhere. But the story of Tanishq is more than just a successful business one. Tanishq transformed the jewellery industry by formalizing the business, creating industry standards in production, providing, for the first time, stringent quality assurances to its customers and giving new meaning to jewellery through deep-design stories and craftsmanship. But it wasn’t always like this. Tanishq was launched in the mid-1990s with little thought of the Indian jewellery market and consumer, and made consistent losses in its early years. How did it turn things around? How does any company change its fortunes? And what are the lessons we can learn from it?