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The branded jewellery industry in India is surely poised for a period of sustained growth. In a candid chat with Ekta Verma, Vijay Jain, CEO and Director, ORRA, talks about his brand's future plans and expansion via franchise route. Read on to know more,
Brief us on the inception and growth of ORRA.
ORRA originated in India and has been operational since 1997. From sculpting and manufacturing diamonds to crafting and retailing the finest diamond and gold jewellery, ORRA has come a long way since its inception. ORRA is one of India's finest jewellery retail chains. The ORRA stores are a reflection of the brand's Belgian heritage and are conveniently located in all major cities and towns. Master craftsmen, who have inherited the centuries old legacy of jewellery making, brilliantly cut Belgian diamonds, delicate designs in 22kt BIS hallmarked gold.
Share your entrepreneurial journey with us.
I completed MBA in Finance and Marketing from one of the premier Business schools in the country. Post this degree, I had significant exposure of over 10 years in advisory of M&A and private equity, having worked with several leading investment banks that include Kotak Mahindra, Peregrine, SSKI and Rabo Bank. I have also been an advisor on several multibillion dollar transactions and advised many companies. For the last 10 years I have been associated with ORRA. Overall, the journey till date has been very smooth.
What makes your brand promising?
ORRA took the franchise route in 2013. While most jewellery brands have taken the celeb route for brand endorsements, ORRA has created a niche for itself solely on the basis of trust, innovation and consistent service. The ORRA Crown Star, is a patented design by ORRA, a perfectly cut solitaire with 73 facets v/s the regular 52 facet solitaire. Aquila Collection is one of the brand's innovations, where smaller diamonds are clustered together in micro pave setting to create the illusion of one large diamond.
In what context is franchising apt for spreading footprints of ORRA?
Currently, ORRA has presence in 27 cities with three franchise units. ORRA has a strong presence in tier I cities and has rapidly expanded its presence to tier II cities too. There is a huge demand for branded jewellery in urban areas and tier II cities. Customers now prefer buying from a trusted national player vis-a- vis their local family jeweller. This is the reason ORRA thought the franchise route to be apt for faster expansion.
Shed some light on your company’s expansion plans.
While looking at consolidating our presence in the existing cities, we are also looking at a robust expansion in tier II cities, as there is huge potential for branded jewellery in small cities. Besides expanding in the high potential market, we also plan to foray into the cities or states in which we already have stores and have potential for further growth.