“Over the next 5 years, we are looking at over 20 new boutiques across the globe”: Nirav Modi
In an exclusive interview Nirav Modi, Founder and Creative Director, NIRAV MODI talks about brand expansion.BY Shipra Srivastava | December 13, 2017 | comments ( 0 ) |
Nirav Modi is all about Diamond Jewellery so how do you see the market of Diamond jewellery is growing in India ?Also shed light of your estimated market share?
Today there is a marked shift towards quality diamonds. The value of solitaires and engagement rings has been growing – making diamonds a major part of celebrations. Fancy coloured diamonds have become a trend and due to the rare nature of these jewels, they attract a higher value. NIRAV MODI believes that jewelleryshould be worn daily and not reserved for special occasions. With that in mind, NIRAV MODI jewels highlight brilliant diamonds that showcase unique and patented cuts, while offering timeless wearability and versatility through innovative mechanisms and the use of minimal metal. In countries like India where jewellery is considered a treasured heirloom, diamonds are not only a financial investment but are of strong emotional significance to the buyers.
Kindly shed light on current distribution of the brand Nirav Modi including India and international?Also, how you plan to enhance the distribution?
Our international launches are a testament to our passion for putting Indian jewellery on the global luxury map. We recently opened two new boutiques in the United States, in Las Vegas and Hawaii. In addition to our first boutique in China, we opened a boutique in Singapore at Marina Bay Sands this year. Currently, NIRAV MODI’s overseas retail presence includes New York, Las Vegas, Honolulu, London, Macau, Hong Kong, Singapore and Beijing.
In Asia, we opened the doors of our second New Delhi boutique at The Chanakya during Diwali this year, following our first flagship boutique at Defence Colony. Over the next 5 years, we are looking at over 20 new boutiques across the globe. We also plan to expand our presence in India and will soon be opening a boutique at Lavelle Road in Bangalore.
Do you think that organized markets have started making in-roads in luxurious products market in place of the traditional jewellery shops in India? Do you think there is transparency needed in terms of pricing for high-end products like diamond jewellery? What has changed in terms of pricing post GST?
The Indian jewellery market is a dynamic one; it sits right at the cusp of that which is traditional and contemporary. This creates immense and varied opportunity, which one can observe from the entry of international brands. Today’s Indian consumer is well-travelled, has an international design sensibility and values the finer things in life. Not only are local luxury buyers sophisticated, with an eye for detail, craftsmanship and quality, they also have an interest in art; all of which are values that NIRAV MODI embodies.
While there is an avid transparency in the organized market, we would say that the investor should also focus on the quality of the diamonds and the craftsmanship that goes into making the jewel. This is why NIRAV MODI jewels use only the highest quality GIA-certified diamonds, whichare meticulously and painstakingly handcrafted into inspired settings.
According to you what are the major challenges in India as far as high end jewellery retailing is concerned?
The way India is buying jewellery is changing. Customers have begun to increasingly appreciate inspired designs and NIRAV MODI innovations such as minimal-metal styles which ensure that the diamonds become the hero and fluid pieces that allow the jewels to move with the wearer. NIRAV MODI jewels are inspiredby nature, Impressionist art and Art Deco motifs, among other things. In India, the education process involved in buying high-end jewelleryis on-going. For instance, familiarizing the consumer with the fact that the value of diamond jewellery depends on the shine and clarity of stones and craftsmanship rather than just the size of the diamond, or stressing the importance of valid certification.
Certification is another integral part of the diamond purchase process. Each diamond must be certified by the Gemological Institute of America (GIA), which is one of the foremost authorities on diamonds and one of the most stringent in the world. The gems should be of flawless clarity and of the finest proportions, with excellent grades for cut, polish and symmetry.
How the brand is betting on men’s category?
For men, minimalist cufflinks and rings are reflective of one’s individual style and are always a great option to help up one’s style quotient. Currently, our men’s category features our signature NIRAV MODI stretchable Embrace Rings, Endless bands and a variety of cufflinks.
Who do you see as your potential competition in the same space?
NIRAV MODI as a brand intends to set its own goals and standards. Our focus is always on with the finest quality diamonds as on the overall experience for our clients. Our in-house research and development team is always working on creating innovative and different experiences. We are a global luxury jewellery house that endeavors to establish a worldwide presence, and be known for uncompromising quality and innovation.
Please throw light on your store profile including size, design, number of SKUs placed? Mall vs highstreet where the brand would like to expand?
Our store sizes vary from 1600 sqft to 6000 sqft across locations. In all our markets, we have chosen luxury-shopping destinations to maintain the positioning of the brand – be it Madison Street in New York, 1881 Heritage in Hong Kong, Old Bond Street in London, The Peninsula in Beijing or the MGM in Macau. In terms of the ambience of the store, or the experience, it is important for us to continue to maintain our standards when it comes to real estate and be available at some the most coveted luxury shopping districts in the world, including our latest one at The Chanakya, New Delhi’s newest exclusive retail space.
Are you also present in tier II market or plan to? Has the brand opted franchise route for further expansion? If yes, kindly share details?
We do not have plans for tier II markets currently, since we have not found the perfect location and venue that meets our standards, andwe do not work on franchise models. We do, however, visit key locations that we don’t have boutiques in yet, for personal appointments and to invite clients to exclusive exhibitions on weekends.
Do you think jewellery (expansive) as the category has the potential for online retailing? How the company is looking to expand from here as far as online business is concerned?
We do have a presence online but in a different model, where a potential client can send us an enquiry and we get in touch with them. Having a presence online is a good way for us to showcase our collections, and we have seen that a lot of customers who visit our website come to the store with a specific jewel or collection in mind.
Currently, our online presence is meant to make it easier for our clients to get in touch with us. This helps us cater to other markets where we do not have a physical retail presence yet. This is a convenient and non-intrusive way to provide our services to e-clients.