Voylla, fashion-jewellery brand, is eyeing to launch exclusive jewellery stores for men next year. The plans come on the back of strong growth the company has witnessed in this category.
The jewellery company started selling men's accessories from its stores in 2015. It started operations in 2012 in Bengaluru and then shifted its base to Jaipur in 2013,
Vishwas Shringi, CEO of Voylla, said, “Currently, 30 percent of our total business is coming from the men's category. We see this category growing much faster for us. Hence we plan to pilot standalone men's store next year and ramp up categories and accessories for them as well.”
“We started doing the men's category in 2015 and to our surprise, the men's category overtook the women's category in our online business. 70 percent of the online business for Voylla comes from men's category. This was a great finding for us,” the top executive stated.
Men's jewellery stores
Initially, Voylla will begin exclusive kiosks only for selling men's jewellery and then gradually roll out exclusive branded outlets. These stores will be owned and operated by Voylla.
Shringi said, “Men are still not open to the idea of going into a store to buy jewellery for themselves but are comfortable shopping online. The idea is not to confine men in a closed space initially to buy jewellery.”
Indian fashion jewellery market, which is highly fragmented and still largely dominated by the unorganised player, is pegged at around Rs 20,000 crore.
Business growth plans
Voylla is further aiming to clock a revenue of Rs 100 crore during this financial year, in its seventh year of operations. The company feels that in the next 5 years it has the potential to breach the Rs 1,000 crore mark.
“The kind of expansion we are planning and the rise of number in the occasions where imitation jewellery is worn, will help us reach the numbers in 5 years' time,” Shringi added.
Currently, Voylla has 160 footprints in 80 cities in 20 states and 2 Union Territories. The fashion-jewellery brand looks to extend its presence to 500 in the next 5 years. It will be adding around 70 stores every year, which will be a mix of EBOs, Franchise stores and kiosks.
The firm has a manufacturing facility in Jaipur where it uses the services of 150 artisans, who are skilled in making imitation jewelleries. It also has factories in Mumbai and Kolkata.
Voylla further claims to add 1,000 new designs every month in its offline and online stores.