Karan Johar forays into fine jewellery business with Tyaani.com
Tyaani.com the world's first and only Polki Jewellery store online, launched its offline flagship store with Filmmaker Karan Johar in Mumbai.BY Shipra Srivastava | October 24, 2017 | comments ( 0 ) |
Tyaani.com is a collection of fine jewellery launched by renowned jewellers Satyani Jewels. Shravan Satyani, and his brother Kabir who have been in the uncut diamonds wholesale and retail business for more than 20 years. With Shravan Satyani’s expertise and passion, Tyaani.com has been able to create a niche for itself in an already crowded space. Recently the brand collaborated with renowned filmmaker Karan Johar to launch a line of bridal jewellery inspired by his unique brand of cinema and the many iconic looks they have spawned. In an exclusive conversation with indianretailer.com Shravan Satyani, Owner, Tyaani.com elaborates how online jewellery could be next big thing in the time to come.
The online market is flooded these days. In such a scenario, what is unique about Tyaani.com? Also give us a brief about your journey so far and your footprint in the online and offline channels?
Tyaani.com is the world’s first and only online Polki Jewellery store. Our journey has been a challenging one given how disorganised the Polki sector is. We are customer focused and believe in providing complete transparency in the jewellery-making process as well as the experience. Unlike many other online platforms, Tyaani.com handles everything from the manufacturing, packaging and shipping. In addition, the European Gemological Laboratory certifies every piece of Tyaani jewellery, making it the first Polki brand in India that certifies its Jewellery. As far as our offline footprint goes, we have officially launched our flagship store at Bandra 190 and we’re excited and optimistic about the future of Tyaani.com.
Jewellery is usually a high priced item where touch and feel is very important aspect of purchasing. In such a scenario, what is the viability of having an online store (over brick and mortar). Also shed light on your starting and existing price point?
No one knows both the karigar and the consumer better than the team at Tyaani.com. We are customer focused not only in our designs, but pricing as well. The aim of the line at Tyaani.com is to make Jadau Jewellery, which is currently seen as an uber luxury, accessible to all. We live in a world where everything is available at our fingertips, so why not fine jewellery? Tyaani.com also caters to the current generation of customers who prefer to make purchases from the comfort of their homes, as opposed to the older generation who would choose to walk into a store and look at products firsthand. Tyaani.com offers the complete online experience, while also keeping in mind the fact that customers like to be educated about where their jewellery is coming from. Unlike other online jewellers, Tyaani.com discloses the details about that go into making their jewellery, along with full elements of pricing. Our prices start as low as INR 10,000/- and move towards approximately INR 1,50,000/-
Do you see major jewellery retailers such as Tanishq, Geetanjali, etc as your potential competitors?
Tyaani.com is focused on manufacturing and selling Polki jewellery exclusively. As mentioned earlier, we are the world’s first and only Polki jewellery store online, so as a brand/company we’re a very different player, bringing something extremely unique to the table.
Do you think that organised 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?
A shift in the way jewellery is purchased in India today can already be seen. Although organised markets help save time and effort, there is always that apprehension which surrounds the notion of buying fine jewellery without actually seeing the product firsthand. Therefore, transparency in these sectors is an absolute necessity.
During the inception of Tyaani.com, our mission was clear. Transparency for us is top priority. Jewellery, for many, isn’t just a luxury item, it’s an extension of their style and persona. We want our customers to be sure that the every piece of jewellery they purchase at Tyaani.com is 100% genuine, and hence provide full disclosure on all elements of design, as well as the pricing of the product.
At last, kindly mention your growth plans?
The fine jewellery market is now moving online after much hesitation from the retailers and thus the market for them seems to sparkle. Poised at a 250 billion worldwide revenues in 2017 the projections for the next 3 years seems to be rather positive with an estimated growth of 6/7 percent per annum hence targeting a 300 billion revenues by 2020. With prices ranging from 10,000 to 1,50,000, Tyaani hopes to capture a fair chunk of the market space over a due course of time. Not competing with the other popular online jewellery marketplaces in the country, Tyaani is in a niche segment looking at a revenue of 10 million in the first year with a rapid growth. The target over a three-year window is to reach 25 million per annum scaling all India and overseas. Tyaani aims to provide an aesthetically beautiful product at great price points that target a 30% net revenue for the brand in the e-commerce market with negative margins. With its brand affiliations and strong network Tyaani looks to propel the model via exports too, as well as set up opportunities for franchisees and shop in shop models. The team is currently working with a few partners setting up franchisee outlets, which has scope for high revenue opportunities with just an investment of about 2crores.
24 Nov 2015, Hotel Pullman, Aerocity, New Delhi.
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