Entice is the flagship jewellery retail brand by KGK. Following huge success of their brand launch in Hong Kong in 2004, Entice launched its first boutiquein Jaipur in 2009. Today, Entice has prospered to 5 standalone boutiques in Hong Kong and India (Jaipur, New Delhi, Mumbai and Bengaluru). In an exclusive interaction withRetailer Media, Sanjay Kothari, Vice Chairman, KGK Group reveals that each piece is a unique union of precious stones and design talent brought together with exceptional craftsmanship and passion.
Please tell us about your retail journey with this brand?
We started our journey twelve years ago and today we have a presence in Hong Kong and all major cities of India also - Delhi, Mumbai, Jaipur and Bangalore. It has been a fantastic journey till date as we have met many interesting people and have given life to their dream jewellery. We started with high-end jewellery but according to the Indian market demands, we have also introduced mid- segment jewellery in India.
Whatis your market presence in India?
Indian jewellery industry lacksfinesse and design when compared to international jewellery and Entice was launched to fill this gap. Being a part of KGK group enriches the brand in many ways. With crucial elements like diamonds, gemstones and jewellery manufacturing sourced internally from various KGK units, Entice benefits with genuine raw material, international design and product quality. This makes Entice stand apart from its Indian retail counterparts.
Who is your target consumer and what consumer area/sensitivities does your brand stand for?
An Entice clientele is a well-read and well-traveled independent woman, who is aware of international design aesthetics and appreciates them when found in India. Our target customers are mid to upper end.
What are the price points your brand ranges in?
The range is different from Northto South, but our jewellery starts from INR 25,000 onwards.
There exist many players in this segment, what’s your strategy to beat the existing competition?
Competition depends upon the product. When your product is better,it will beat others in the market. Our strategy is to make products better and offer new ideas to our clients with every new collection. Being a part of KGK, we also have the strength to control the product’s quality and pricing of Entice products.
Which format, according to you, works well for your brand– EBOs versus shop-in-shop? Why?
Standaloneworks better for us. People who come to buy high-end jewellery need a proper ambience, time and service to take such valuable decisions.
What’s the average store size and investment required to open a store?
The average store size is 1200-3000 sq feet and the investment will be 10-15 crore per store.
What are your expansion plans?
After demonetization, our expansion plans will beslowfor the next year but we believe in going slow but steady.