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Jewellery brand Gargi launches first EBO in Pune, eyes Rs 100 crore turnover in 2 years

Fashion jewellery chain Gargi by P N Gadgil & Sons launched its very first EBO in Ferguson College Road (FC), Pune. Situated at a prime location in Shivajinagar, the outlet houses all the latest designs by the brand. Aditya Modak, Co-Founder of Gargi says that unlike countless other jewellery brands in the market, their USP is to create pieces that capture emotions while embodying durability.

The brand, which has a presence in Shoppers Stop stores in the shop-in-shop format in Inorbit Mall, Malad and Viviana Mall, Thane, a premier franchise outlet in Vashi and a recently launched company-owned Gargi outlet in Pune, Mumbai, was founded to address the massive gap of high-quality, designer artificial jewellery in the Indian fashion jewellery segment.

Their ever-growing customer base is a result of their 200-year-old rich legacy (its parent brand being P N Gadgil & Sons) coupled with unmatched operational know-how and unique designs. The brand has grown at a rapid pace, with a dream IPO debut at the Bombay Stock Exchange in 2022.

Speaking on the launch of the new store, Modak said, “We are extremely delighted and excited. The primary reason why Gargi was launched as a brand was to eliminate the limitations of the contemporary fashion jewellery market in India. We have consciously focused on creating an exhaustive range of offerings, each unique and telling its own distinct story. The response from our customers has been phenomenal, and the company has crossed several milestones in its journey, including a stock market debut. With the opening of our first exclusive Gargi outlet, we are now set to become one of the few fashion jewellery brands with such a high-voltage presence in the market.”

Excerpts from an exclusive interview with Aditya Modak…

On the Use of Technology: Gargi is a digital-first fashion jewellery startup, which is why it makes use of technology extensively. By using search engines, ad campaigns and running social media marketing, we invest heavily in connecting with our target audience which in turn allows us to have a seamless e-commerce experience. We also plan to transition from being an e-commerce to an omnichannel brand and plan to integrate relevant marketing and technological strategies in the future.

Sustainability Measures: As a brand that heavily relies on materials like silver and brass, the team here is consciously working towards ensuring that these materials come from ethical and environmentally responsible resources. In the future too, we plan to add measures like community building, promoting local artisans, and ensuring to highlight their craft in alignment with the brand. Since we are just in the brand’s second year, we have much to do and explore.

Current Market Size: The costume jewellery market is expected to be over $639 million in size by 2027. The market is mainly dominated by poor-quality fashion jewellery that undermines the sectors growth. Gargi by PNG aims not only to eliminate the ‘poor quality and cheap jewellery’ perception of this segment but will also aim to bring growth through a structured sector evolution.

How Gargi Stand Out from Other, Similar Brands: Steering away from brands that mass-produce goods with a low price point, that lose value quickly, Gargi is a brand that displays mastery in craftsmanship, while also knowing how to keep up with its dynamic consumer needs.

Expansion Plan: We plan to become a major Omnichannel brand in the years ahead. To achieve that, we plan to expand across various retail formats, including more shop-in-shop formats, company-owned stores, and franchise-model retail stores.

Annual Turnover: As a publicly listed company on BSE, our stock is rapidly growing. Our parent brand, the iconic P N Gadgil & Sons, is an entity with over Rs 10,000 crore in annual turnover. Gargi has been maintaining similar levels of operational excellence, customer understanding, and quality and hopes to reach a turnover of Rs 100 crore by the end of FY 2024-25. We plan to expand the company’s reach beyond Maharashtra by the end of 2023.

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