De Beers Forevermark to expand India presence
Diamond brand De Beers Forevermark is planning to strengthen its presence in the Indian market with the addition of 20 new boutique stores by next year.
The company sees huge potential for growth in the Indian jewellery market and plans to focus on metros, tier 2 and 3 cities for its expansion.
De Beers majority store openings are expected to take place in the south Indian region where it currently has two exclusive stores in Bangalore and Hyderabad and around 100 partner stores.
“India is the brand’s fastest-growing market, surpassing U.S. and China, in terms of volume. South India is the most important region for us, in our Indian endeavour,” Sachin Jain, managing director, De Beers India, told BusinessLine.
Commenting on the e-commerce sales, Jain said: “De Beers had started its e-commerce vertical about three months back. Going forward, retail will be a hybrid of online and offline. The brand’s online channel is getting a positive response from tier 3 and tier 4 markets as well, in addition to metros and tier 1 cities.”
De Beers Forevermark currently has ten boutique stores and 270 doors in India in 56 markets through partnerships with select authorised retailers.
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