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FJIL seeks to spread its sparkle in domestic soil
13 Feb '08
3 min read
Looking into the growth prospective of the sector, Fine Jewellery India Limited (FJIL), the Mumbai based company, plans to expand its market potential by increasing its manufacturing capacity by almost 50 percent.
The jewellery market in India is estimated to be around Rs80,000 crore at the retail level, of which diamond jewellery accounts for 12 to 15 per cent.
To tap this huge market, Fine Jewellery which is basically into diamond jewellery manufacturing and marketing has, decided to take its production to 4,000 units per day from 2,500 units per day.
“To expand our manufacturing facilities we would need to invest close to Rs20 crore. Also an additional Rs20 crore would be invested in the domestic market in order to increase our retail distribution of NIRVANA Jewellery.” Mr Sohil Kothari, Director of Fine Jewellery Mfg Ltd. & Fine Jewellery (I) Ltd told to Fibre2fashion.
Talking about increasing retail presence in the domestic market, Mr Kothari informed, “NIRVANA presence currently spans across 27 cities mainly through large format stores. In order to make NIRVANA available to the end consumer and enhance our customer's shopping experience, we have ambitious plans for expansions through exclusive outlets. Metros, Mini Metros as well as other Class B towns are under our consideration list and the details would definitely be revealed in the due course of time.”
Regarding strategies to be deployed to make the company position strong in Indian Soil and competition in the domestic market, the FJIL Director said, “NIRVANA being a leading player in the Indian market, would definitely be consolidating its position further through a strong advertising campaign supported with BTL activities like promotions. Also, to create excitement at the consumer level, we've launched 3 different collections this year (FY07-08). The collections were developed after extensive research of customer's preferences and wants and these lines were designed at our international design and product development centers in Hong Kong and New York.”
The jewellery market in India is estimated to be around Rs80,000 crore at the retail level, of which diamond jewellery accounts for 12 to 15 per cent.
To tap this huge market, Fine Jewellery which is basically into diamond jewellery manufacturing and marketing has, decided to take its production to 4,000 units per day from 2,500 units per day.
“To expand our manufacturing facilities we would need to invest close to Rs20 crore. Also an additional Rs20 crore would be invested in the domestic market in order to increase our retail distribution of NIRVANA Jewellery.” Mr Sohil Kothari, Director of Fine Jewellery Mfg Ltd. & Fine Jewellery (I) Ltd told to Fibre2fashion.
Talking about increasing retail presence in the domestic market, Mr Kothari informed, “NIRVANA presence currently spans across 27 cities mainly through large format stores. In order to make NIRVANA available to the end consumer and enhance our customer's shopping experience, we have ambitious plans for expansions through exclusive outlets. Metros, Mini Metros as well as other Class B towns are under our consideration list and the details would definitely be revealed in the due course of time.”
Regarding strategies to be deployed to make the company position strong in Indian Soil and competition in the domestic market, the FJIL Director said, “NIRVANA being a leading player in the Indian market, would definitely be consolidating its position further through a strong advertising campaign supported with BTL activities like promotions. Also, to create excitement at the consumer level, we've launched 3 different collections this year (FY07-08). The collections were developed after extensive research of customer's preferences and wants and these lines were designed at our international design and product development centers in Hong Kong and New York.”
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