Voylla to come up with exclusive men’s jewellery stores in India

Fashion-jewellery brand – Voylla, is looking to tap the Indian market by opening exclusive jewellery stores for men next year. Voylla has witnessed a strong growth in this category.

What is Voylla?

It is a company that claims to be India’s largest fashion jewellery destination, having a robust online presence. The company started in 2013 and ever since then it has successfully introduced the concept of high quality crafted jewellery at affordable prices – a feat that remains unmatched in an increasingly busy segment.

Why men’s jewellery stores?

According to a report in the Economic Times, 30 per cent of the total business is coming from the men’s category and it is growing much faster for Voylla.

“We plan to pilot standalone men’s store as 30 per cent of our total business is coming from the men’s category. We’ll now ramp up categories and accessories for men apart from opening exclusive stores” said Vishwas Shringi, CEO of Voylla.

What’s the aim?

The company is eyeing to clock revenue of Rs 100 crore during this financial year. The CEO feels that in the next five years, the company has the potential to breach the Rs 1000 crore mark. Shringi said that the kind of expansion Voylla is planning and the rise of number in occasions where imitation jewellery is worn, it’ll help the company reach the number in the next five years.

Voylla started selling men’s accessories from its store in 2015 and within no time the men’s category overtook the women’s category in online business.

Before rolling out the exclusive stores, the company will initially set up exclusive kiosks only for selling men’s jewellery. Shringi feels that men are still uncomfortable in going to stores to buy jewellery for themselves; however, they are comfortable buying it online. Shringi wants to change this trend.

What is the market trend?

The ET report suggests that the domestic fashion jewellery market is highly fragmented and still largely dominated by the unorganised player. This market is pegged at around Rs 20,000 crore.

Voylla has 160 footprints in 80 cities in 20 states and 2 Union Territories. The company is planning to extend it to 500 in the next 5 years.

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