DIAMONDS ARE FOREVER

Could you brief us about the company?

When did you start franchising and what attracted you to it?

When we started off, we began with selling at our own stores and built the entire model at our own cost. We then gradually worked towards scaling up the entire system. Despite all the challenges we faced with regards to the setup and existing values, we have been able to build a successful model that holds strong as a brand. In a vast country like India which has tremendous opportunity we realised that we could not be present everywhere. The franchise model therefore has helped us to establish a stronger presence across various cities. In addition, the franchisee always comes with a greater understanding of different communities as well as a highly connected network in local markets and nuances which works to our advantage. Partnerships therefore work well and have helped us upscale much faster than we could have done just on our own.

What is your business vision and how do you plan to achieve it?

We are looking to open 8-10 new stores in Tier I and II cities. We are looking to strengthen our national presence and are therefore setting up stores across India. The aim is to build stores in a cluster, for example, multiple stores in a city as has been done in Mumbai or expanding in regions like Delhi. ORRA has built the brand on its own and is now looking to franchise the business as well. Jewellers come with a particular mindset and therefore in our partners we prefer people without a jewellery background. We spend a substantial amount of time, effort and energy in imparting knowledge to our franchise partners.

What’s your advice for aspiring entrepreneurs starting franchising?

Franchisees should look at businesses with strong brand equity, proven track record with a long-term view and in a category that is growing.

FRANCHISE FACTS:

TOTAL OUTLETS - 34
INVESTMENT- Rs 3 crore + bank guarantee of Rs 4 - 5 crore
AREA- 1,200 – 1,800 SQ. FEET
EXPECTED BREAKEVEN - 18 Months