Shringar redefines mangalsutra chic for thriving retail jewellery market : Opens New b2b Showroom and Corporate office in Zaveri Bazaar, Mumbai

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By retailj May 23, 2019 17:52 Updated

Shringar redefines mangalsutra chic for thriving retail jewellery market : Opens New b2b Showroom and Corporate office in Zaveri Bazaar, Mumbai

The mangalsutra is perhaps the most commonly used emblem of marital purity in India. Yet the simplicity of this jewellery piece is taken for granted and often, the glitz and glamour of heavy sets make mangalsutras more of a traditional liability than a choice of interest. Shringar thought otherwise and here we are, at the 6000 square feet sprawling b2b showroom and Corporate office of mangalsutras at Kalbadevi, Mumbai, reimagining the mangalsutra scene in India and the World. Chetan Thadeshwar, Director, Shringar and his two sons Viraj and Balraj discuss their journey with The Retail Jeweller.

The Retail Jeweller (TRJ): Please take us through the journey of how Shringar identified opportunity in the market with specialisation solely in mangalsutra.

Chetan Thadeshwar (CT): Since the inception of Shringar in 1963, we have been seeing the same two lines of black beads conjoined by a gold pendant as the quintessential design. None was interested to bring innovation in this segment but I worked extensively on new design possibilities from 1982 onwards after taking over this business.  

Shringar’s one-point motive of redesigning mangalsutra was gaining ground gradually until I participated in the IIJS exhibition in 2003. The roadmap to satisfying a pan-India mangalsutra demand suddenly became simpler as I connected with the most progressive Indian jewellers. After my sons Viraj and Balraj joined the business, they streamlined operations in such a way that Shringar graduated to being an exporter and wholesaler with wide distributor base across India of trendy mangalsutras by 2010. The goodwill at IIJS soon fetched enquiries from places far and wide in and outside India. It became a style statement in Islamic countries and soon trickled into a cultural statement in India where Muslim women wear and regard it with deep respect.

 

TRJ: Your single-minded focus and specialization has in many ways changed the industry’s outlook towards this category. What are your observations?

CT: Back in the 80s, only Maharashtrians used to wear mangalsutras. Back then, the length of the piece was fixed at 24 inch for ease in customary ritual of the groom slipping the piece over the head of the bride. Shringar brought the hook system, which is a must in every mangalsutra manufacture nowadays.

As fashion evolved, women started showing preference for clothing beyond saris, and we saw the opportunity to introduce modern designs that paired well with it. The need for design innovation was also stoked by mainstream television soaps and Bollywood.

Nowadays, Shringar flaunts a ravishing inventory ranging from neck-to-neck 14 inch mangalsutra sets to Swarovski-encrusted mangalsutra having minimal black beads, weighing from 10 grams to over 200 grams. Millennials living under the rock won’t be able to resist our ranges of mangalsutra bracelets, charms and general zirconia-studded mangalsutra rings.

Persistent focus in a single jewellery piece has helped Shringar expand the category for our retailers who understand how value addition in a category as basic as mangalsutra can expand its market size. Our retailers tell us women buy mangalsutras matching with their outfit and own several pieces unlike before when they owned only one piece to ward off the evil.

TRJ: You have also pioneered the art of virtual one-on-one jewellery sale through technology. How does a retailer benefit from it?

 

Viraj Thadeshwar (VT): With local supply of mangalsutras becoming easier for retailers across states, Zaveri Bazar started to lose the sheen as a jewellery hotbed for retailers. We decided to fix this with the virtual store displaying all inventory. The buyer sitting from the comfort of his home/store can sort the jewellery as our expert shows him the jewellery just like in reailty. The conversations are real-time and video quality is high-definition, which helps buyers choose jewellery by looking at its actual size and dimensions. The jewellery is also weighed and priced on the spot, in front of the buyer for complete transparency.

Thanks to advanced logistics services, Shringar now supplies mangalsutras to hundreds of cities in India and over 18 countries in the world. Courtesy the virtual store, we have sold jewellery to buyers travelling on road and even those who are in Mumbai as they save on travel time. If the order comes by evening, we dispatch the products by night and it gets delivered the next morning all across India. For overseas trade, it only takes a day more.   

 

TRJ: As a veteran manufacturer, what would you like to advise jewellery retailers?

CT: To connect to the youth, a jeweller must evolve with time. If I feel that my brand is centuries-old and that is enough to pull crowds, I’m neglecting the fact that the youth doesn’t even relate their aspirations with such brands. Also, the bulk of inventory no longer determines brand popularity. A progressive brand with 15kg inventory of relevant designs can easily surpass a neighbouring jewellery mogul sitting on 100 kg of dated inventory. The product and experience are the new brand communications.

Today, product variety, quality and customer service are heroes who can entice the millennial to walk in. At our end we recognize these new drivers of business. Besides continuous design innovation, we have built a robust two level quality check process which delivers top notch quality to retailers.

The mantra is to associate your product with current market demand and as a B2B player, we are too busy specialising our product and will scale new heights gradually.

 

retailj
By retailj May 23, 2019 17:52 Updated
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