Forevermark sees huge potential in India market despite Coivd-19 disruptions
Forevermark, the diamond brand from the De Beers Group, continues to remain bullish in the Indian market, despite the disruptions caused by the Covid-19 pandemic and expects sales to recover over the coming years.
The company is also planning to expand its presence in the Indian market across the country and enter new cities over the next few months.
“I would certainly predict that we will be back to between 70-85 per cent, of 2019. We will certainly be lower than last year, but not to a tune that it is unrecoverable. The year 2020 began on a strong note, however, the second quarter (April-June) was a complete washout due to nationwide lockdown imposed by the government to curb the spread of the pandemic,” Forevermark India managing director, Sachin Jain, told PTI.
“We had 260 operative stores before the pandemic and are planning to take it to 270 by December 31, 2020. We have also expanded both from our network point of view and the city point of view. We've extended our brand presence to about six new cities, and are now in 66 cities in India,” he added.
India represented one of Forevermark’s swiftest growing markets in 2019, where it maintained 30% year-on-year growth. India also overtook the U.S. and China as the number one market for the business, in terms of volume.
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