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Aiming to transform Indian jewellery landscape by unmatched expertise of their well established foothold in the US, LuckyClover Inc is planning India entry through franchise route. Natalie Hesse, Managing Director, LuckyClover, shares with Beny Sachdeva h
What led to LuckyClover's foray into India?
Gems and jewellery have always been an integral part of the Indian culture and tradition. With increasing consumer consciousness and changing market perception towards branded jewellery, the future of organised jewellery retail in India is very promising. A growing rich upper class at 2.5 per cent presents an evergrowing market for luxury and customised products.
What kind of franchise business model you want to adopt for India expansion?
We are currently looking for master and unit franchisees for the Indian market. Depending on the business model preferred (the shop-in-shop/ kiosks/ exclusive shop, etc), the cost would vary.
When can a franchisee break-even?
The break-even point varies from outlet to outlet, type of business model chosen, as it depends on variety of factors such as overheads, operating cost and business performance. However, the USP of this business is faster pay-back period and quick break-even point.
Which all cities are you planning to expand pan-India?
We are targeting a pan-India rollout with the first preference being the appointment of the master franchisee.
Does a franchisee needs to be from a retail background?
No prior experience in the semi-precious jewellery industry is required. Prior experience would be desirable but not mandatory. Our franchise programme is designed in such a manner that it assists a new franchisee in all areas of operations.
What is the term of the franchise agreement?
The initial agreement is for five years with an option of renewing it further. Renewal of the agreement is subject to mutual agreement of both the parties.
What kind of business aid would you offer your franchisees?
Running and managing a jewellery store requires extensive skill and expertise, which we are ready to offer to all our franchisees. We would offer support to our franchisees from the set-up phase, will help them in designing of the outlet, fit-outs, fixtures, product procurement and supply, staff recruitment, training to help then in day-to-day operations.
What kind of marketing support would you provide to your franchisees?
Local advertisement and promotions shall be carried out with the support and inputs from LuckyClover.
Which locations are you looking at to open franchise outlets?
We would prefer to have our outlet centrally located in a high-end street. Also, high-end shopping complex and malls with high footfall, preferably in a women-dominated market, would be an apt location for a LuckyClover's outlet.
What qualities are you seeking in your potential franchisees?
We welcome motivated entrepreneurs with high commitment levels and great marketing skills to partner with us. Some of the preferred attributes are local investor running a boutique in a strategic high street location, traditional non-precious jewellery retailers who have an under-utilised facility, knowledge of local jewellery market dynamics and financially strong individuals who can make substantial investments and can wait till the money starts flowing in.