KGK group has been one of the leaders in the international Gems & Jewellery industry for over a century. Having made their goodwill in the B2B industry for diamonds, gemstones and jewellery, retail was a natural progression and Entice look its first step in the world of retail, specialising in international quality fine diamond jewellery. Launched as a flagship brand in 2004, today, Entice has five stand alone boutiques in Hong Kong and India.
In an interaction with Retailer Media, Jitender Jain, CEO, Entice, shares the strategy to beat the existing competition.
Who is your target consumer and what consumer area/sensitivities does your brand stand for?
Well-travelled women with an international design sensibility and appreciation of finesse are on our client list, as they would appreciate the brand and its design language. Also, women who are financially independent and can accept purchase designs. For everyday jewellery, they love our 9 to 5 collection and do not hesitate on splurging on it once in a while.
What is the price point for your product? What is the sweet price spot that you have observed?
Price at Entice start from INR 25,000 and we have customised exclusive bridal jewellery for many of our clients, studded with rarest of the diamonds. As per our observation, our pieces across all price range are appreciated equally as every piece has its own reason for purchase and occasion to wear.
As there are many players in this segment; what’s your strategy to beat the existing competition?
Our exclusive designs and international standard craftsmanship is what sets us apart from our competitors. Whether we create the grandest of the bridal sets or the smallest of the piece, we put in equal love and attention in detailing. Wearing our pieces is an experience in itself and thus, our loyal clients prefer us over other jewellers.
Which format, according to you, works well for your brand– EBOs versus shop-in-shop and Why?
To match the exclusive jewellery that we have, we also offer unforgettable shopping experience. Every boutique is created with inimitable precision to highlight the understated opulence, appealing to all senses in retail spaces with a beautiful amalgamation of contemporary and traditional ethos that equally measures to clientele of all ages. The Entice boutique creates a pristine environment for clients to indulge in the luxurious experience of wearing treasures and choosing heirlooms.
What’s the average store size and investment required to open a store?
Our boutiques range from a minimum of 1000 sqm to 4000 sqm, spread over couple of floors in Jaipur and Bengaluru. As investment plays an important role in jewellery business, we have used investment for designing the interiors of our boutique by using unique features like back lit onyx stone walls, Italian marbles and sparkling chandeliers.
What’s the technology that is being used to make store operations efficient and who are your tech partners in the same?
We have our in-house technology team which develop various software to ease the product logistics and inventory management.
What’s your expansion plans? Which locations are you targeting? Will any investment be done through internal accruals or external funding?
Currently, we are looking at expanding within India. Our latest boutique was launched in Bengaluru in 2014. And as all our Entice boutiques are owned by KGK group, the new ones will also be on the same format.