“Imitation jewellery is growing by almost 7% every year”: Devika Mehra
In an exclusive conversation with Devika Mehra, Founder, Deezoe.com sheds light on the growth plans of the company.BY Shipra Srivastava | December 19, 2018 | comments ( 0 ) |
How did deezoe start? Kindly also shed light on your entrepreneurial journey so far
My family has been in the fine jewellery business for over 30 years now. So, I believe that designing and creativity is in my blood, that is how I thought of starting an own online store for jewellery. I decided to foray into the fashion jewellery segment, as I wanted to invest more since the value of silver and alloy is much affordable than that of gold- and I thought what better way to enter the jewellery line.
How do you see the market of imitation jewellery is growing? Kindly shed light on a few numbers to quantify the same.
Being a part of this generation I understand the wants of the market. People want to invest in fine jewellery majorly on weddings and other grand occasions. But for an everyday basis, girls want to wear imitation jewellery, major reason being the pricing. Even the young youth these days look forward for the products, which are easily available to them and are cost effective too, which made it easy to use few times and then buy something new.
Statistically, the growth in the imitation jewellery has been massive. If I talk globally about the fashion jewellery market, it is growing by almost 7% every year and in India the growth on an average, has been around 20% till 2018.
What is your current distribution and do you want to scale up? Do you have your exclusive stores or do you plan to?
Right now my current distribution is through my online store and also by participating in offline pop-up events. I don't have a retail store yet but I do plan on opening a retail stores in the future which would have my exclusive designs.
Kindly shed light on your best-selling category and price point along with average bill size?
The best-selling categories keep changing as fashion keeps evolving every now-and-then. But for now, my best selling categories are freshwater pearl and coral, and semi-precious stone earrings, necklaces and pendants. And the average bill size would be between Rs1700-Rs 2000.
Is your start-up backed by any VC, Also do you have any plans to raise funds?
No, my startup is not backed by any venture capitalist as of now and yes in the future I do plan on raising funds.
At last, kindly highlight your growth plans?
I am currently focusing on my online store which is getting quite positive responses and in the near future, I am planning to get on an offline retails stores and along with one online for the global market.