Style Quotient Jewellery Private Limited in a tie-up with fashion designer Tarun Tahiliani has launched affordable luxury bridal jewellery collection under the brand name Tarun Tahiliani. In an exclusive interview, Prasad Kapre, CEO & Director, Style Quotient Jewellery Limited, spoke to IndianRetailer about the future move.
Q Please tell us about your retail distribution strategy with Tarun Tahiliani’s bridal jewellery collection?
Featured under the brand name Tarun Tahiliani under the holding of Style Quotient Jewellery Private Limited, in the first year, the collection will be present in select 25 retail stores including the fashion designer stores.
In Tier I cities, the collection will be available in shop-n-shop with some select jewellers. And at certain fashion stores, which deal with Tarun Tahiliani and have been always demanding lifestyle jewellery and accessories, will be availed with the collection.
While being available pan-India the collection will be more focused on north region because south is basically gold centric and Tarun is very well-known in north.
For the overseas presence we are in discussions with retailers from US, UK, Singapore, Malaysia, Bangladesh, Nepal and the Middle-East.
Q What will be the expansion strategy ahead?
By the end of 2018 we are planning to take the collection to around 100 outlets which will be a mix of jewellery retailers and fashion designer stores. And for the overseas expansions we are going to have export line itself.
Q What will be your marketing and promotion strategies?
With the marketing of product we are creating jewelvolution in which we will be taking initiatives like film merchandise, doing high end event, giving options in product range which play a vital role.
Q How do you expect the response for this silver collection in upcoming festive season and at a time of significantly falling gold prices?
We are very positive, excited and hopeful about it but actually the time will tell. I see every reason to be hugely successful.
This is the affordable range for all because many a times these stones can’t be studded in gold and if we make the same kind of designs and stud relevant stones in gold, the price will go up 700 times. We have done that analysis and tried it also.
Q What kind of brand image you are planning for in association with Tarun?
We believe our tie-up with Tarun Tahiliani will bring us excellent business opportunities and help position our brand in the luxury designer jewellery segment. Tarun will be associated with us for five years. Under the umbrella of Style Quotient, the idea will be to promote the brand Tarun Tahiliani along with Silvostyle and Links of Life.
Q What will be the price range?
With 130 designs currently available, the price range of the collection will start from Rs 5,000 and it will go up to Rs 1.5 lakh. It’s not a mass but the affordable luxury brand with bold elegance and look and feel.
Q What is your target consumer group?
We are offering designer silver jewellery for those women who embellish different looks for social events, parties, family functions, weddings etc.
Basically we are targeting core group of 25 to 45 years old women. For some of the bridal pieces we might target brides who are around 20+ years old. With Tarun it will be higher end jewellery.
Q Apart from Tarun’s tag name, please tell me the reason that why a consumer should buy Tarun Tahiliani’s jewellery?
The consumer should come and buy the affordability jewellery offered by Tarun Tahiliani. The base consumer is very savvy. Their lifestyle has changed dramatically and because they have plethora of ways to express themselves they want to do that and for all of this, they need affordable jewellery.
Q What will be your targeted revenue?
We are targeting to earn around Rs 5 cr in the current fiscal.
Q What is the new collection that Tarun will unveil further?
In the future, Tarun may come up with evening party jewellery collection, brunch collection for kitty party and office wear collection. We will keep on introducing something new and exciting from the collections by Tarun.
Q According to you, how is the jewellery market scenario in India?
Post recession, a lot of things have changed and the recession is not over there are still the issues a retailer faces. The consumer confidence hasn’t returned in the market unlike what was there during 2000-2008. Now consumers don’t want to take too much of a chance.
Q Please tell us about the expansion of Silvostyle through franchisees?
In Silvostyle we have just started two franchise stores one in Mumbai and Delhi and we are looking at five more franchisee stores in Tier I cities across the country. Also, each year we are planning to open five franchisee stores. Ideally, we are looking at FOFO model. For each store, the investment will be of Rs 35 to Rs 40 lakh.