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As gold rates are soaring, Indian women are left with no option but to pick up imitation jewellery. SIA Art Jewellery hopes to add a network of 100 exclusive stores to its portfolio to target more customers.
THE art jewellery industry is approximately Rs 4,000 crore and increasing at the rate of 20 to 30 per cent year-on-year (YoY). Out of this, organised retailers contribute around Rs 1,000 crore. This industry is still largely unorganised, leaving a wide scope for organised sector like 'SIA Art Jewellery' to accelerate its growth to reap rich rewards for all their stakeholders. In the art jewellery industry, maintaining uniqueness and quality in terms of designs and product is always compromised with. SIA has its own designing and manufacturing team that controls the key aspects of offering products with quality, uniqueness and affordable prices.
SIA plans to partner with franchisees who are passionate, obsessed with customer satisfaction, co-ordination and have ability to manage the store administratively. Besides offering uniformity in product pricing and store designs, a franchisee and its staff will be provided with pre-opening and post-opening training. For opening a franchise store of the brand, prime locations such as malls and high streets are preferred.
SIA has good marketing budget for doing brand promotion in print and electronic media. Besides marketing its brand through sponsorship in movies and daily soaps, the company has also associated with home shopping channels like Star CJ Alive and Network 18. Currently, SIA operates through a commendable number of 30 stores across India mostly through franchise model. The company has presence in 77 shop-in-shops with brands like Pantaloons, Shoppers Stop, more and d'mart.
In art jewellery market, SIA is a name to reckon with. Besides manufacturing and retailing designer jewellery, SIA is recognised as an affordable substitute for gold and diamond jewellery. SIA is the only brand that has a wide reach across India with a collective customer relationship management (CRM) database of over 1.5 lakh.
SIA believes in spreading its nationwide footprint by partnering with the franchisees preferably in tier-I and II cities.
>>THE USP: SIA Art Jewellery is the leading branded artificial jewellery. SIA is the flagship brand of the company, serving the diverse needs of all age groups.
Investment: Rs 20-30 lakh
Area: 400-600 sq. ft
Location: Retail hub/main shopping area
RoI: 25-45 per cent
Expected break-even: Second year
Franchise units: 13
Manager-BD and Franchisee,
SIA Art Jewellery
The success rate is exponential as women are getting more fashion conscious. Besides, gold rates are at an all-time high. Artificial jewellery will be the future of the jewellery industry.