Online retailer Jewel Hub to come up with its stores

Jewel Hub - an online retailer for diamond jewelry plans to open 100 fully functional stores over the next two years
Jewel Hub's big step

Good news for all precious stone lovers, Jewel Hub - an online retailer for diamond jewelry plans to open 100 fully functional stores over the next two years. Two of these stores will come up in Mumbai by March, mainly on franchisee basis.
According to the company statement they plan to open up 100 stores, mainly on franchisee basis, over the next two years to allow customers to touch and try their selected product before buying them online. To begin with, Jewel Hub plans to open two stores in Mumbai and one each in Delhi and Chandigarh in the next two months.
As per Jewel Hub Managing Director Bhavin Mehta, it may be referred as reverse retail revolution. Unlike several brick and mortar retail outlets foraying into e- commerce, Jewel Hub, after tasting online success, has decided to operate such outlets based purely on customer feedback.
He also added that Jewel Hub has set a revenue target of Rs 60-70 crore over the next 18-24 months. It will own and operate a few stores at select locations and would fund them through angel funds raised earlier.
Jewel Hub Director Gurmeet Singh shared that proposed fully functional stores will be set up in high footfall areas like shopping malls. Average estimated set-up cost would be approximately Rs 4-5 lakh per outlet and operating cost would be around Rs 12-15 lakh per annum. These outlets will exhibit diamonds for the customers and provide them with the much-needed touch and feel aspect currently missing in the high value jewelry e-tailing.
According to the last available study conducted by a leading industry body, the domestic gems & jewelry industry has a market size of Rs 2,51,000 crore (USD 40.45 billion).
The study also suggested that current online business is less than 1% of the total jewelry business in India, but the segment has a huge potential for growth in the coming years.

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