Offlate Caratlane is on rapid offline expansion, is this expansion initiated by Tanishq or Caratlane individually?
It is combined effort from both the brands. In any case, Caratlane had plans to expand; in fact, at begging of the year we had planned to open 30 stores. So we are very well on track of opening new stores. We have already open 30 stores, and we are looking to add 10-12 more stores by the end of this financial year.
Going forward what kind of locations/cities the brand is looking to tap?
We would be looking at pan India locations such as Bengaluru, Kolkata, Pune, Delhi/ NCR amongst others. In fact, we would be adding three stores in Kolkata only, among this one store has already opened. We are equally bullish on Southern region; we have just opened a store there.
Moreover, we are also foraying tier II market by opening stores in cities including Indore and Dehradun. In terms of location, the focus will be on key malls and prominent markets of the city.
Would you also consider airport locations?
Yes, we can explore such location depending upon if we come across suitable opportunity.
What is the highest price point being retailed via offline store? Also shed light on your best selling price point?
At our store, we display products ranges between Rs. 10,000 to three lakhs. But, majority of our products falls between Rs 50,000 to Rs 70,000. However, our best selling price point is between Rs 20,000 to Rs. 25,000.
Caratlane was started as online and now gradually moving towards offline with extensive expansion plans. What was the rationale behind this shift?
Primarily, this shift has happened to get more business by acquiring more customers. This is also to build trust among consumers’ mind. Through, the trust was there with online as well, but there is only a fraction of customers who buys from online. Most of people visit website to see the collections only. So, in our case, wherever we have opened offline store, online sales of that particular region are automatically picked up. However, for us the journey of the customer starts from online first.
Do you see Tanishq as your competition?
Not really! Tanishq is a very strong brand; their consumer base is very different due to high price points. However, there are many of online players such as Bluestone, Almorra which they are now foraying into offline space.
According to you, what are the challenges of online jewellery retailing?
I think the trust is the biggest factor which the most important role as far as online jewellery is concerned. In fact, Indian online jewellery market is also evolving for high price ticket items. In fact, we have customers who buy only from online. In fact, the response is equally encouraging from tier 2 market as well.