What was the rationale behind launching Loupe? Also kindly present your views on imitation jewellery market in India?
The House of MBJ has been in the precious jewellery market for decades together and we thought it’s about time we step into something different away from traditional jewellery. We wanted create something for the artificial space but with the right amount of sophistication and luxury which is often missing when we talk about the space. Loupe comes in to fill that gap while also being the bridge in style where the contemporary meets the style from the past.
The demand for imitation jewellery has been growing tremendously over the years and our country as the second largest producer of artificial jewellery has been contributing relentlessly to the space. While the prices of the ever increasing gold and silver prices could be one factor but the ever evolving style scenario is what makes people want to own multiple pieces and be in tune with the trends, that’s when imitation jewellery becomes the option. A few years back imitation jewellery was a disorganized market but it has evolved over the years and it’s steadily and promisingly finding a place in the organized market.
What are the major challenges in jewellery retailing in India?
Being cost competitive and ensuring there is profit without compromising on the quality is one thing retailers need to deal with considering there are many brands in the market. Another thing retailers need to be very conscious about is maintaining the right brand image throughout but without losing out on the versatility of the products.
Kindly highlight your distribution in online and offline space? What are the strategies to scale up the distribution?
We retail via Ogaan Nimai zurie zooki aza. Also, we are now taking this label and would be turning it into a collaboration brand with which we will be making exclusive articles in collaboration with the designers. Like jj valaya, Alpana neeraj in the past.
Who do you see as your competition within the same space? Also shed light on your strategies to promote the brand?
Lately, the space has been seeing a lot of players but what keeps us apart are the elements we use especially because we have been in the space as jewelers for decades together. Our strategy has been quite straight forward. We ensure we curate collections sporadically and also initiate a lot of collaborations with brands and designers that have the same aesthetics and style belief as ours. We also ensure a continuous stream of fresh products be it online or offline.
Kindly shed light on your product and categories also with your best performing range? Also shed light on your growth plans?
Cubique, our maiden collection has been the star range. CUBIQUE as a collection celebrates the artistic movement of Cubism, where a simple cube has been repeatedly added, subtracted and multiplied by various design elements to create exquisite original pieces. It brings to the best out of our art of handcrafting and illustrates how art can be found in accessories too.