RJ Market Watch
Caratlane in Expansion Mode, Plans to Add 50 Stores Every Year
Hyderabad: Online and offline jewellery retailer CaratLane, is planning to expand its presence in India across metros, tier-1 and tier-2 cities. The company has been introducing several technology features based on its customer interactions to improve buying experience. The company is pitching on its omni-channel strategy for its future growth. It plans to add 50 stores every year across India.
Sharing the growth plans, CaratLane COO Rajan Amba told Telangana Today, “We have about 60 stores in India as of now and we are drawing an ambitious plan to establish 50 stores every year, going forward. We have a partnership with Tanishq, which will enable us to expand our presence in the country faster. We will expand in all the major metros and large towns. It will take some time to penetrate deeper into tier-3 cities, but it will happen when we see traction.”
CaratLane is continuing to remain an omni-channel brand. Consumers today visit an offline store, see the quality and go back to online platform and place orders and some the other way around. This retail model is working well for the company, he added.
About 60 per cent of the company’s revenues come from offline stores while online channels continue to contribute to overall revenues.
Focus on innovation
On the innovation, he explains, “We had been pioneers in the online jewellery space and have completed 10 years in this business. We have introduced many segment-first features. The stores bring the seamless jewellery buying experience with a no barrier access to all jewellery, along with Magic Mirrors for virtual try-ons. Try@Home feature allows customers to book an appointment, get their chosen jewellery delivered to their doorsteps, and try them at their comfort with no-obligations to buy. Further our virtual try-on app – the Perfect Look App – enables jewellery buyers to try multiple pieces without literally having to putting them on.”
CaratLane has not only been strengthening its product designs but also has ensured affordability across its channels. The company has been developing products by appropriately mapping the customer preference.
Started in 2008 by Mithun Sacheti, a jewellery retailer, and Srinivasa Gopalan, an information technology entrepreneur, the company began as an online jewellery retailer. Titan bought 62 per cent stake in the company in July 2016 and the US-based private equity fund Tiger Global has invested around $44 million in the company since 2011.
Courtesy: Telangana Today
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