De Beers Forevermark expects strong growth in India, to open three stores in 2021
Diamond business De Beers has renamed its diamond jewellery brand as De Beers Forevermark and predicts strong growth in the Indian market this year, planning to open three stores in the country this year.
De Beers Forevermark will open three additional brick-and-mortar stores in India in the remainder of 2021 bringing its country-wide total to 16, ET Bureau reported. The brand aims to reach a total of 32 exclusive brand outlets in India by the end of 2022 and is currently scouting for retail locations and partners for the openings.
The brand is optimistic about growth in the Indian market this year, predicting strong demand with the upcoming festive season. Growth was revived at a faster pace in tier 2 and 3 cities, as retail opened up after lockdown but now all markets are seeing similar traction, according to the business.
“From a Forevermark point of view, we're certainly going to grow beyond 2019, which was our best year yet,” said De Beers India managing director, Sachin Jain, in a virtual meeting, the Press Trust of India reported.
“So, 2019 was a very strong year and 2020 was down. But we will certainly have fair healthy growth over 2019.”
The brand is also changing its branding from Forevermark to De Beers Forevermark across all of its retail channels.
“The name change will also deliver important benefits for retail partners, enabling greater storytelling about the positive impact De Beers Forevermark diamonds support throughout the value chain,” said Jain.
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