Trained by his father, this Jaipur jeweller is on course for Rs 1 Cr revenue in just 1.5 years after launch

retail
By retail June 14, 2019 18:53 Updated

Trained by his father, this Jaipur jeweller is on course for Rs 1 Cr revenue in just 1.5 years after launch

Keeping up with trends in fashion, entertainment, food, and technology is an important part of living the so-called ‘millennial lifestyle.’ And, this applies to jewellery as well, despite it being a traditional concept in India.

And there are a large number of businesses vying for a piece of the pie. The gems and jewellery industry has more than 300,000 players in India, and most of them are small businesses, according to Indian Brand Equity Foundation data.

So when Rishabh Kothari started his silver jewellery business ‘Talisman’ in Jaipur in April 2018, it would have likely been just another drop in the ocean.

But Rishabh had a big advantage.

He was trained by his father, Sudhir Kothari, Co-founder of Gem India Exports, a stalwart in the jewellery trade sector. Rishabh also had 10 years of experience working with an Italian jewellery brand.

And when it was started, Talisman decided it would target women between 22 and 35 years of age living in tier I cities. The products would be high quality, affordable (in the Rs 1,500 – Rs 3,000 range), and would range from pendants, earrings and bracelets to rings and bangles.

Thus, with a clear objective, Talisman employed 22 skilled jewellery artisans and front-end developers to design and craft the jewellery. The plan was to sell the products on the Talisman website and deliver them pan-India with the help of delivery carriers FedEx, BlueDart, Delhivery, speed post, and more

This clear and well-prepared strategy worked wonders almost immediately as Talisman recorded monthly sales of Rs 5 lakh few months after launching.

And it is on track to grow bigger very quickly, according to Rishabh, who says, “We are targeting sales of Rs 10 lakh a month (which roughly adds up to over Rs 1 crore a year) within the next six to eight months, with a CAGR of about 60 percent.”

He adds that the main customer base so far has been from cities such as Bengaluru, Hyderabad, Delhi, Mumbai, Jaipur, Chennai and Ahmedabad.

Courtesy: Your Story

Image Courtesy: YOURSTORY.COM

 

retail
By retail June 14, 2019 18:53 Updated
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