One of India’s leading jewellery brand, Gitanjali has tied up with the e-retailer, Myntra.com. The strategic partnership is aimed at a major boost in the jewellery retail arena of the country. The partnership would combine the strengths of the two companies and boost sales by leveraging the enormous potential of online retail.
Gitanjali expects to achieve sales of up to Rs 150 crore through this partnership by 2016, with a target of Rs 30 crore by 2014. Myntra.com believes that fine jewellery online sales will grow 300 per cent during the festival season.
On the other hand, with this association, Myntra expands the scope of its offerings to consumers. In order to ensure quick deliveries during festive season, Myntra has also partnered with a specialised delivery channel to ensure products reach customers safely and on time.
The e-retailer will offer over 500 products from nine leading diamond jewellery brands from Gitanjali such as Asmi, D'damas, Diya, G Divas, Gili, Nakshatra, Parineeta, Sangini and World of Solitaire will be available on Myntra, at prices ranging from Rs. 4,000 to over Rs 1,10,000. It would cover all categories of jewellery such as rings, earrings, pendants, necklaces, bangles, nosepins and Tanmaniya.
Commenting on the association, Deepak Tulsian, Business Head, EGitanjali Ltd says, “Online jewellery retail in India is currently at $70-80 million, which is less than half a percent of $30 billion overall jewellery retail market in India. We expect the online jewelry market to cross $1 billion in the next five years, and aim to capture 15 per cent of the same”.
Mukesh Bansal, Founder & CEO, Myntra.com, says, “We are excited to launch our fine jewellery category on Myntra with the largest jewellery group in the country - Gitanjali. This is one more step in our ongoing commitment to offer our customers with a varied range of products on Myntra. What could be a better time for launching fine jewellery than the festive season! Our customers can now look forward to an exquisite collection of gold and diamond jewellery, delivered right at their doorstep".