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Fashion jewellery brand Voylla is betting big on the traditional Indian artwork like Madhubani, Ajrakh and Kantha among others, to create contemporary designs for its accessories like earrings, necklace, bracelets etc.
According to Vishwas Shringi, CEO & founder, Voylla, traditional art and crafts work, which has been largely restricted to apparels till so far, finds favour among customers for jewellery as well. Voylla conceptualises, designs and manufactures its own jewellery and engages close to 200 artisans as on date.
“Nearly 35 per cent of our country’s population comprises of people less than 25 years of age and the way they look at accessories is different; they use fashion jewellery to accentuate their look. Replicating traditional art forms on jewellery helps us deliver as per customer needs and also revive these art forms,” Shringi told BusinessLine .
Retail footprint
The company, which began its journey by selling jewellery online in 2012, is currently adopting an omni-channel approach to reach out to its consumers in smaller towns.
Voylla currently has 240 retail touchpoints, which include exclusive stores, shop-in-shops in large multibrand outlets and kiosks. “We are looking to expand our retail footprint. We want to double our retail touchpoints in the next one and half years,” he said.
The domestic fashion jewellery market, which is still largely dominated by the unorganised sector and is fragmented in nature, is estimated to be anywhere close to ₹18,000 crore. Voylla looks to grab 2-3 per cent of the total share of the market in the next two-to-three years.
The company’s turnover is close to ₹100 crore at present and is expected to grow to ₹500 crore in the next three years, he said. The average price of the jewellery starts at ₹ 300-400 and goes up to ₹ 5,000.
Men’s jewellery
There has been a steady rise in the demand for men’s accessories like ear studs, bracelets etc. Voylla has introduced a range of men’s fashion jewellery, including bracelets, kada, pendants, rings and earrings, among others. The men’s collection accounts for nearly 20 per cent of its total sales and is expected to go up to 30-35 per cent in the next two years. The company has also set up an exclusive men’s only fashion jewellery outlet in Noida. “We tapped the men’s segment early on and we have seen a good traction in demand. We expect 35 per cent of our sales to come from the segment in the next two years,” he said.
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