These days, women are getting more conscious about fashion and those earning higher disposable income are taking a plunge into the fashion and imitation jewelry market. This particular market segment is witnessing a growth of 15 percent to 20 percent year on year with its overall estimated market size being Rs 15,000 crore.
This increase in the growth of the fashion and imitation jewelry industry that is dominated by small manufacturers has triggered such players to come with identifiable brands. Notably, several brands have emerged making such jewelry in the last couple of years. This industry is targeted mainly at young women and professionals in the age group between 18 years and 35 years.
Regarding this, Vishwas Shringi froma Jaipur based startup claimed that fashion jewelry is a largely unorganized sector and the firm is targeting to reach to the tier 2 cities by retailing through 100 multi-brand outlets in the next three years. The firm is also aiming to establish 32 store-in-store units with tie-ups with organized malls including Central and 20 such units through local malls within two years.
Another brand is YouShine and its Co-Founder and CEO, Ashish Sood said that the brand established in 2009 went online in 2011, but they did not receive enough value in the e-commerce industry. The brand commenced its operations with a kiosk in a mall atDelhiand continues to focus on offline expansion to build itself as a strong brand.
Also, Pragya Singh, Associate VP Retail at Technopak stated that there are high margins of 30 percent to 40 percent. Furthermore, consumers are largely accepting fashion jewelry as it is practical to buy multiple pieces of jewelry for various outfits and highly safe. For these reasons, the fashion and imitation jewelry industry is becoming pretty profitable.
While the market is quite large, Voylla provides exclusivity in this segment and it has disrupted the model of business by typing with the manufacturers. The portal returns the pieces that are not sold within 90 days back to the manufacturers. Besides this, Juvalia & You is a model that does social selling through women’s group.