Silver lining

A new jewellery brand hopes to make a dent in a market where other brands haven't done too well.

In a bid to increase market penetration, Goldiam International has lined up an aggressive retail strategy to push its Ola brand across the country.

"Our target is a retail presence at 300 locations in the next two years. At present, we retail from 23 locations," says Rashesh Bhansali, managing director, Goldiam International.

To achieve this, the company has decided to look beyond Pantaloon outlets and has entered into an alliance with Ebony, Shoppers Stop and Globus. It soon hopes to be in Lifestyle and Westside outlets across the country as well. That's not all.

Goldiam International is also tracking Biba boutiques across the country and has tied up with multiplexes such as Inox, Fame and Cinemax. This, of course, is in addition to its presence at Pantaloon and Kshitij Malls.

But critically, how does Goldiam International hope to make a dent in branded silver market where the likes of Tanishq (with its FQ range) and Oyzterbay did not get too far? Significantly, a more recent brand Taraash from Agra Chains can be seen pushing a similar purity angle for silver jewellery as well.

According to Bhansali, the company has identified a vacuum in the market between Rs 500 and Rs 2,000 price points and it seeks to offer trendy designs in this bracket.

The company also plans to offer its customers the option of customised rings that will be delivered to them within eight days of placing the order.

For a company that started operations early this year, the business has been quite brisk, claims Bhansali. The company is looking at a 40 per cent jump in exports and is targeting domestic sales of Rs 100 crore in three years.

At present, the company exports jewellery to the United States, UK, Middle East, Japan, Russia and South-east Asia. The company's clientele includes retailers such as Wal-Mart, JC Penny, Zales and Gordons among others.

The company is now planning to increase workforce at its factory in China. It already has three factories in Mumbai and intends to invest Rs 25 crore in the next two years.

"Also on the cards is a plan to acquire an automised gold business in Germany which will help us increase our ambit and we would be able to offer variety in plain gold ranges as well," says Bhansali. Quite ambitious.