Jewellery retailer Senco Gold Ltd is expecting 12 per cent jump in revenue this festive season as compared to the last festive season, Suvankar Sen, MD and CEO, Senco Gold Ltd told ETRetail.
As compared to the last festive year, gold prices have jumped almost 18 per cent, so this festive season, it is also expecting a 10 per cent hit in the volume.
“To attract the consumers this festive season, almost a month back, we introduced advanced booking for consumers where we have offered consumers the flexibility that if the prices go up, they will get the lower prices, and if the prices go down, then also they will get the lower prices. So this way, we are trying to solve the issue of price volatility for consumers,” he asserted.
“Apart from this, we have also expanded the offerings for bridal wear, everyday wear, and men’s jewelry,” he further added.
The company has also launched a new sub-brand – Sennes offering a range of collections in lab-grown diamond jewellery, perfumes, and premium leather bags among other luxury products.
“Lab-grown diamonds are gaining momentum because of curiosity of the consumers and comparatively lower prices prices. Going ahead, lab-grown diamonds will create its own market,” he said.
“Currently, we have opened 4 new stores for the brand in Kolkata and it will also be available online,” he further added.
Over the next 3 years, the company is expecting a 3 per cent contribution in revenue to come from the newly launched sub-brand.
“We plan to invest Rs 50-60 crore initially in this business, followed by an annual investment of Rs 25-30 crore over the next four to five years,” he stated.
Currently, the company has 3 more sub-brands – Gossip for silver and fashion jewellery, Everlite for everyday jewellery, and Aham for men’s jewellery.
“At present, wedding jewellery contributes 35 per cent of our business, 15 per cent comes from men’s jewellery, 3 per cent from silver jewellery and the remaining 47 per cent is contributed by everyday jewellery,” he said.
“This year, the growth for diamond jewellery has been muted, however, we consider 15 per cent growth as good growth in the diamond segment,” he further added.
