Scope of franchising in non-metro and smaller markets will increase rapidly: Suvankar Sen
Suvankar Sen, Executive Director, Senco Gold and Diamonds, talks about the brand presence and jewellery market in India.
Tell us in brief about the presence of Senco Gold and Diamonds.
Headquartered in Kolkata, the brand has numerous stores in West Bengal. Despite having its strong presence in the eastern part of India, the brand has a pan-Indian customer base. With multiple branches in Delhi, Mumbai, Bengaluru, Patna, Bhubaneswar, Cuttack, Jamshedpur, Ranchi and Guwahati among others, it also exports gold and diamond jewellery to the Middle East, Singapore, the UK and the USA.
A word on us your presence in South India.
We have four stores in Bangalore, at Jayanagar, Commercial Street, Koramangla and Phoenix Mall, Whitefield.
What are your expansion plans?
We are confident that after establishing the brand in Bangalore, we can look to have franchise association in other markets like Mysore, Mangalore, Shimoga and Belgaum in Karnataka. We are also looking closely at Hyderabad and Vishakhapatnam.
How has the Budget 2017 impacted franchising in jewellery industry?
The budget did not have any negative impact on the jewellery industry. As the industry moves towards working in a more structured and organised manner post the GST implementation, the scope for the leading jewellery brands to franchise their brand in non-metro and smaller markets will increase rapidly as standalone jewellery business will gradually become less profitable and unviable.
What drives growth potential for jewellery brands in South India?
The consumers in South India are extremely discerning with high exposure to jewellery as buying ornaments for occasions such as Akshay Trithiya, Vara Lakshmi and Dhanteras is well entrenched in the culture. Moreover, the design and craftsmanship are key drivers for growth in the region.
Elaborate on your online presence.
Senco Gold and Diamonds is equally strong across digital platforms, catering to the diverse needs of consumers across online stores. On an average, the brand creates over 1,50,000 designs every year that are sold through omni-channel outlets.
What is the USP of your brand?
Senco Gold Jewelers is one of the oldest jewellery organizations in India that started its operation in the year 1938, with a heritage of 78 years. Senco Gold is synonymous with exclusive designs, intricate work ship and right value. The company has evolved over the past seven decades and has endeavored to keep the designs contemporary, with modern needs and preferences, yet keep the core values and essence alive.
What has been more profitable to you, gold or diamonds?
Though gold jewelry has always been our strength, the diamond collection that was introduced 10 years ago, has also witnessed great response with year-on-year growth in the category.
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