Bangalore jewellery biggie, C Krishniah Chetty Jewellers, is all set to expand through franchising. Let’s explore what’s in store for the investors and customers
According to a FICCI AT-Kearney study, the Indian jewellery market is expected to touch close to Rs 5,30,000 crore by 2018. The sector plays a very important role in Indian economy and has been witnessing assured growing with each passing day. Among the jewellery giants of the country contributing to this growth curve is Bangalore-based jewellery maker, C Krishniah Chetty Jewellers (CKC Jewellers), part of the C Krishniah Chetty Group, which is all set to now expand through franchising. With a history spanning 150 years, the company has been catering to the royal families of south and central India.
Eureka Moment
The company’s ethos from the beginning has been to satisfy the aspirations of the customers by giving them the best service in all aspects. Hayagriv claims that CKC was among the first companies in the country to introduce hallmarked jewellery. He recalls earlier days and says that the Eureka moment came in 2009 when all members agreed to progress forward, including taking the franchise route for expansion. “The demand is led by the need for gold and non-gold jewellery that caters to specific wear occasions and is essentially similar to that of a luxury product – hence we see franchising as the way forward to expand our business in an organised way,” he says.
The company currently has six stores and is offering franchise opportunities to interested well-heeled investors in Karnataka. It has two franchise models – one is for pure investors and the other is for ‘owner manager’ investors. “With the full support of the franchisor, a franchisee is able to derive a good market share in the market,” Hayagriv believes. Talking about providing support to franchises, he opines, “With the help of our existing infrastructure we have mastered a corporate model with specialist supervision of operating procedures. We do have systems in place that deal with company-owned and franchise outlets with the same care and concern. As and when we get to solve complex business problems at the franchisee end we do incorporate it into our documentation so as to be equipped with resolving the same if any such need arises in the near future.”
Way Forward
The company plans to add about 25 franchise stores over the next one year. It will place strong emphasis on selecting an ideal location for these stores. “We do an analysis of what suits our brand. We also have a well-established online presence. It offers modern designs and is updated by a separate team at C Krishniah Chetty Jewellers. Because of the increase in demand for gems and diamonds, mainly from the middle-class segment, the growth of business in India is quite assured. It is vital for us to have all operating procedures to be intact and up-to-date both from documentation and implementation perspective,” he adds.
Franchise Facts
Interview
“We Have 60% Loyal Customer Base”
An interaction with C Vinod Hayagriv, Director, C Krishniah Chetty Jewellers
What trends have you been witnessing in the market over the past few years?
There is a stronger focus on diamond jewellery. Fashion-conscious design, blending attire with fine jewellery, work-wear jewellery, household artifacts, etc. are also in.
What kind of people frequent your stores and in which age group? Has the customer profile been changing in any way over the years?
The company design base helps cater to the young, internationally travelled consumer as well as a couple getting married, not to forget a mature man or woman who wishes to accumulate a jewellery wardrobe that is everlasting. The age group varies from 20 to 65 years. Clients who choose us are those who are not value-seekers but men and women who believe in good ethics and original design where value is long-lasting.
How will you set yourself apart from the competition?
Our robust supply chain management, high ethical standards (no smuggled gold used, no conflict diamonds used), in-house dedicated design team, modern technology utilisation, structured management and market-led pricing sets us distinctly differentiated.
Could you provide details of your customer loyalty program? How much do your loyal customers contribute to sales?
Loyal clients are 60% while new acquisitions are 40%. Our loyalty program is designed to automatically reward clients with points, birthday and anniversary gifts, rewards, bonuses and special privileges for higher point earning clients. It’s a signature, first of its kind in the country.
Business Opportunities
Our Group Sites
Popular Cities
