Who says, â€˜Diamonds are a girlâ€™s only Best Friendâ€™? This becomes quite evident from the fact that leading jewellery groups like Gitanjali are foraying into apparel segment with its popular brands such as Gili, Diya and Maya.
With a view to increase its foothold on the lifestyle segment, Gitanjali has introduced three apparel platforms – Gili Apparels, Diya Apparels and Maya Apparels which will be available across 200-300 selling points this year. This would include multi brand outlets, franchisee as well as ecommerce platforms. Besides this, Gitanjaliâ€™s jewellery label Gili, has also forayed into womenâ€™s ethnic wear.
But, the question that arises here – â€˜Is the market for jewellery saturated OR Diversifying into a completely different domain of business has become a latest fad nowadays?â€™
Mehul Choksi, Chairman and Managing Director, Gitanjali Group say,â€œWhile the markets for jewellery persists and will always exist, there is a huge scope and potential in the segment of womenâ€™s wear and accessories which was identified by the brand.â€
The rationale behind the extension, he adds, is that the brand wanted to increase its product line, business and simultaneously its offerings in terms of products to its TG. â€œHence, complimenting jewellery the next thing that would interest women would be apparels and accessories,â€ he opines.
For online apparel sales, Gitanjali Group has signed up with Jabong, Myntra and Flipkart. The company will soon launch apparels under Asmi and Viola. The company also is expected to enter into menâ€™s apparel under the brand name Revv, targeted at youth.
The company is targeting the apparel segment in Tier II and III cities besides the metro and Tier I cities. â€œWe have just established our stores up North in the Capital and Chandigarh and are present in the East, West and Southern regions through leading departmental stores but in the current quarter we are looking at establishing exclusive stores which will cover the Western and Southern regions as well,â€ says Choksi, further adding that the company is looking at establish this segment in the domestic market as well as in other countries beginning with the Middle East countries, starting with Dubai in a few months time.
The company is planning to invest Rs 25-30 crore as marketing expenditure to promote these apparel brands and is looking to tap 5-10 per cent share of ethnic womenâ€™s industry in the country. According to the brand, the Current market size of womenâ€™s ethnic wear industry is 25-30 per cent.
The brand claims to have done extensive research in the metros and mini metros talking to retailers, consumers, distributors to understand the whole segment. And the challenge as Choksi mentions is, the question of acceptance of a jewellery brand, having apparels and accessories under the same brand name.
But is the foray going to help the brand increase its foothold in the lifestyle segment in the country? Choksi says that it completes the brand in more ways than one. â€œMoving ahead, we are focussing on combination stores that would retail jewellery as well as apparels and accessories. So when our customers walk into our stores they will have more to shop and more options to shops from ranging from womenâ€™s wear to jewellery. Yes, it is certainly a new phase for the brand where from a jewellery brand we are evolving into a luxury lifestyle brand,â€ he appends.