India’s Classic Jewels Plans Domestic Expansion
January 22, 04
India’s Classic Jewels, the flagship jewelry brand from the $150 million firm Classic Diamonds Ltd, has drawn up a blueprint for a domestic market expansion that includes more theme stores. As part of its campaign, the firm has taken on the services of Bollywood actress and former Miss India Neha Dhupia to serve as a brand ambassador.
"From a [previous] predominantly export-oriented focus, we are now gradually looking inwards at the domestic market,” said Classic Diamonds Director Niraj Bhansali. “We have established two mega theme stores and will set up two more by the end of the year - one in the south and the other in the north.”
Bhansali said the company, which is set to gross annual revenues of $150 million this fiscal year, is one of the leading players in the diamond industry having two manufacturing units in Gujarat and a jewelry design center in Mumbai. The company plans to expand its jewelry design center and its research and design facility.
The group, which is one of the DTC’s key Sightholders, said its brand entry in the jewelry retailing business has been timed to capitalize on the current position of Classic Diamonds in the jewelry segment. The collection is contemporary and very Indian in the look and design and ranges from 5,000 to five million rupees.
"We are slowly yet steadily building up [our presence in] the domestic market,” Bhansali said. “We are not into the mass market and opened two stores last year. This year will see the roll out of two more theme stores. The company plans to structure events to market jewelry through this brand leadership,” he added.