Kalyan Jewellers sees strong sales in studded jewellery, plans to focus on category moving forward
Kalyan Jewellers has seen its studded jewellery, including diamond studded jewellery, increase significantly in popularity and plans to focus on the product category moving forward.
Kalyan Jewellers has reached new customer bases with its increased studded jewellery options which generally have a wider profit margin than its gold jewellery range. Recently, studded jewellery and lightweight items have become more popular with younger customers, especially in urban areas, a trend which was fuelled by lockdown.
“We tailor our showrooms to offer prominent displays of diamond and other studded jewellery and, in many cases, have entire floors dedicated to such jewellery,” Kalyan Jewellers’ chairman and managing director, T S Kalyanaraman, told the Economic Times. “Furthermore, we have launched a number of sub-brands around our studded jewellery range.”
“Given this trend, we are continuing to explore opportunities to expand our range of sub-brands and to introduce new branded jewellery lines that are targeted at both specific customer niches as well as the luxury market focused on high-end gold and studded jewellery,” said Kalyanaraman. “Our revenue from sales of studded jewellery increased from 20.65% of our revenue from operations in FY2018 to 23.36% of revenue from operations in FY20.”
Although studded jewellery is proving popular, Kalyan Jewellers still expects to see gold jewellery sales rise as wedding demand picks back up. The business is currently preparing for its initial public offering, which will launch for subscription on March 16 and close on March 18.
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