Luxury on a budget

EISH by Anand Jewels, the creative brainchild of the 22-year-old scion of the renowned Anand family, with a 70-year legacy in jewellery, fills the yawning gap between the idea of precious jewellery in the minds of modern women and what is available on the shelves. The father-daughter duo, Gaurav Anand and Ishika Anand, talk about how EISH by Anand Jewels – a unique retail model – attempts to morph the idea of luxury.

EISH by Anand Jewels at Indore’s NRK High Street, AB Road, sets a new benchmark for luxury jewellery retail in India. The store’s minimalistic interiors and understated colours elevate the idea of luxury, giving centre stage to the product. Founder Ishika Anand, who personally curated the display pieces, discusses the intentionally sparse display of products, creating an immersive craft and design experience. Gaurav Anand’s conviction in this model stems from his belief in the evolving lifestyle of Indian women, which demands a new perspective on jewellery retail. He explains how EISH by Anand Jewels, a brand selling only 18k jewellery, paves the way for a holistic luxury retail model that persuades women to buy jewellery more frequently and build a wardrobe of subtly luxurious, fashionable and contemporary designs similar to and in tandem with fashion.

EDITED EXCERPTS:

Soma Bhatta (SB): Did you always plan to join your family’s jewellery business?

Ishika Anand (IA): It was expected since I have always been drawn to jewellery. After completing my studies, I tried working at Anand Jewels, our family’s existing store, but could not fully connect with the traditional jewellery offerings. I continued visiting the store at my parents’ insistence. I felt my creativity and ideas would not fit the established business model.

SB: What was the turning point that led to your new venture, EISH by Anand Jewels?

IA: I did not see much relevance in those designs to today’s lifestyle needs of women. There is a yawning gap between the idea of jewellery in the minds of modern women and what is available on the shelves. I wanted to build a new store concept offering high-quality, fashionable pieces targeting style-conscious customers across age groups, not just younger buyers. The conversation continued and evolved into EISH.

Gaurav Anand (GA): We were surprised by her disinterest in Anand Jewels. One day, we shut the store early to show her all our designs and learn her preferences. She selected just about 10 per cent of the inventory. Her friends who came to the store shared a similar opinion. It was a revelation of what this generation of buyers seeks.

SB: How did you develop the idea for this brand into a unique retail concept?

IA: During our travels to European luxury jewellery stores, we were struck by their distinct ambience and experience. We learned how to provide an experiential setting through details like lighting, fragrance, and music, regardless of product price. This inspired us to create a similar experience in India.

“In India, most brands equate retail experience with price. ZOYA offers a luxury experience, but the jewellery is high-priced. There is scope for brands that offer an elevated retail experience for an affordable yet exclusive range of precious jewellery designs”

– Gaurav Anand, Eish by Anand Jewels

SB: What makes you confident about this new venture’s success?

GA: Jewellery is a luxury category, and buying must be experiential. In India, most brands equate retail experience with price. ZOYA offers a luxury experience for discerning customers, but the jewellery is high-priced. Brands such as CaratLane, Mia by Tanishq, and BlueStone provide a modern ambience but limit the offering to a basic range. There is scope for brands that offer an elevated retail experience for an affordable yet exclusive range of precious jewellery designs. We did not segment the market by income, age, or occasion; EISH considers only customers’ psychographics. EISH paves the way for a holistic luxury retail model that persuades women to buy jewellery more frequently and build a wardrobe of subtly luxurious, fashionable and contemporary designs similar to and in tandem with fashion.

SB: What were the biggest challenges in creating an experience akin to international luxury in India?

IA: We conducted extensive research, worked with multiple architects and interior designers, and made numerous significant changes. Every element, from fabrics to display colours, was carefully curated to build a world-class experience. The project was rebuilt several times to provide the desired luxurious yet accessible experience.

GA: India still needs to gain the imagination to create luxury stores. We went through several back-and-forths before settling down with a team that shared her ideas. Besides, we still do not have the high streets for luxury retail. The biggest hurdle was finding the right aspirational real estate location. Multiple iterations were required for architecture, interiors, colours and visual merchandising to align with our vision, as the initial designs did not match our concept.
Finding talented individuals who understand the desired aesthetics and vibe to work at the store was also challenging, as many educated individuals with a flair for fashion are not interested in working in traditional jewellery stores. We have made several concessions for the staff, making the job very lucrative.

SB: Why do we not see more jewellery stores focusing on experiential retail?
IA: They prioritise product quantity and carats over creating unique customer experiences, believing the product drives revenue, not the experience. Additionally, the investment required for luxurious interiors is very high, around Rs. 40,000-50,000 per square foot, which many would be reluctant to invest in as they look at immediate returns. These investments pay off over a longer time.

“We have displayed the prices alongside each piece to lower the barriers in a luxury environment. We were sure we wanted to build an assortment of designs on par with international designs. India has many manufacturers catering to global markets, but those designs never come to Indian markets.”

SB: Many of the designs available in India are traditional, with a modest fusion of Western aesthetics. How did you curate over 7,000 pieces of high-fashion minimalistic designs?

GA: Ishika independently chose the final designs. I was not involved in the selection; I merely managed the commercial terms and vendor sourcing. We were sure we wanted to build an assortment of designs on par with international designs. India has many manufacturers catering to global markets, but those designs never come to Indian markets. We connected with many such vendors and sourced from those who make exclusive high-fashion precious jewellery for Indian markets. I do foresee challenges in replenishments as such designs take longer to manufacture.

SB: Is India ready to pay higher charges for international finishes and uncommon designs?

GA: Maybe not. But that is precisely what we are trying to address. Luxury experiences need not be prohibitive. EISH attempts to morph the idea of luxury beyond high price points. We carefully curated a wide range from Rs. 15,000 to Rs. 1.5 crore, segmenting into gold, diamonds, men’s, coloured gemstones, occasion wear, and lightweight collections to cater to different tastes and needs.

Our pricing is competitive and lower than that of other Indian brands catering to such segments. Compared to international markets, our pricing is significantly lower. Well-heeled customers are impressed by the proposition. We have displayed the prices alongside each piece to lower the barriers in a luxury environment.

SB: The store has a meticulous presentation with minimal display. Do you see it impact the conversion as Indian customers are used to being pampered for choice?

IA: The store interiors are minimal, exuding luxury and exclusivity, letting the product take centre stage. I have personally curated the collections on the showcase. The fewer designs on display are consciously planned to immerse customers into the craftsmanship and design.
Regarding choice, we have a wide variety kept in the back room. We present those when we understand the initial design choices, which roll in on a small trolley with multiple display trays stacked up. These interactions are done over a cup of exceptional coffee or tea in comfortable lounge-like seating spaces in the store.

SB: Bridal is the most significant occasion for jewellery sales. How do you see the bridal jewellery market evolving?

GA: While Anand Jewels caters to traditional bridal needs, EISH complements it by offering modern, non-traditional options for occasions like engagements, capturing the shift towards unique fashion pieces. Consumer spending habits are evolving, with people becoming more discerning and seeking unique, non-traditional options for most occasions, barring the wedding day.

SB: What are your expansion plans for EISH?

GA: We want to test the financial model before expanding. We are at an early stage and would like to learn the consumer demand patterns.

SB: Seeing a father invest in his daughter’s vision is impressive. How have you planned the continuity of this arrangement?
GA: Ishika owns EISH’s concept and intellectual property (IP) for the brand name. Her role has been purely creative, so she retains creative control while Anand Jewels is the master franchisee. The industry needs young, imaginative minds. Expecting them to work in a set system for several years crushes their creativity. The sector must break out of its fixed working methods and give wings to the new generation’s ideas. Ishika is immensely talented and clear-headed. It makes perfect business sense for any jeweller to recognise talent in the family regardless of gender biases. The category is primarily for women, and we often see a need for more of them in the industry, especially at the helm. I gave her a free hand in developing the brand identity, store concept and product range.

THE STORE

Indore’s jewellery landscape has been enriched with the arrival of EISH by Anand Jewels, a newly launched, one-of-a-kind store that caters to the discerning modern jewellery enthusiast. As a sub-brand of the well-established Anand Jewels, EISH has been conceived to fill a gap in the market for minimalistic yet sophisticated 18k gold, diamond, and polki jewellery designs. Ishita Anand, Marketing Head, EISH by Anand Jewels, explains, “Recognising a growing demand for contemporary 18k designs in Indore, EISH aims to provide an international shopping experience that sets it apart from traditional 22k stores, where such pieces often go unnoticed.” By highlighting these modern creations in a dedicated space, EISH ensures they receive the attention they deserve while redefining luxury as accessible and enjoyable for all, regardless of budget.

Strategic location for a distinct clientele

EISH’s location on AB Road, a prime high-street area in Indore, was intentionally chosen over the conventional MG Road, the city’s jewellery hub where Anand Jewels is located, to attract a distinct clientele. This move aligns with the future of retail, where high-street buildings offer direct access without the hassle associated with mall visits. Despite its proximity to the traditional jewellery market, EISH stands out as the sole jewellery store in this high-street area, aiming to draw customers seeking a unique and convenient shopping experience.

A gallery-like elegance

The interior of EISH is designed to offer a gallery-like experience, with a hidden curvature that conceals the inventory, avoiding a cluttered look. Instead of overwhelming displays, customers can browse the curated pieces, and if they wish to explore further options, a salesperson presents additional items from the inventory. The store is divided into three zones based on price ranges – under Rs. 70,000, between Rs. 2-3 lakhs, and a high-end zone for pieces above Rs. 10 lakhs. A warm, gender-neutral colour palette of orange and peach creates an inviting atmosphere, while the high-end section includes a coffee bar, offering a special kind of coffee with customisable prints, enhancing the luxurious shopping experience.

Diverse and customisable jewellery collection

EISH offers a wide range of designs, from nature-inspired pieces to vibrant, rainbow-coloured items, including florals, geometric patterns, and customisable options, ensuring something for everyone. Prices range from Rs. 15,000 to over several lakhs, catering to various budgets. The in-house design team, led by Ishika Anand and supported by curators, meticulously creates each piece. The jewellery is designed to make wearers feel special and confident, appealing to a diverse audience from teenagers to elderly customers. EISH emphasises minimalistic designs suitable for daily wear and special occasions, excluding bridal sets but including engagement and cocktail pieces as well as wedding trousseau items.

Philosophy of honesty and accessible luxury

EISH operates on principles of honesty and transparency, maintaining fixed pricing policies with no discounts or hidden charges, mirroring the standards of Anand Jewels. The philosophy is to provide customers with a luxurious shopping experience without the expectation of paying a premium. EISH aims to alter the perception that luxury always comes at a high cost, offering an unmatched experience. This unique approach distinguishes EISH in the market, making it a one-of-a-kind store in Indore.

Future plans and expansion

Currently, EISH is focused on understanding customer feedback and refining its model. The store has received a positive response, with a notable number of walk-ins and sales despite broader market challenges. In the future, EISH plans to expand into metro cities like Mumbai, Bengaluru and Hyderabad, and potentially explore international markets. While there is no e-commerce site yet, the development of a website is underway. For the next year, the priority is perfecting the in-store experience and building a robust foundation for future growth. EISH’s ultimate goal is to extend its unique jewellery shopping experience beyond Indore, reaching a global audience of jewellery connoisseurs seeking accessible luxury.

Written by Maithili Patange