With Rs 100 cr revenue in 9 months of FY25, Gargi by PNGS is in aggressive expansion mode 

Aditya Modak, Co-founder & Director of Gargi, attributes the brand’s rapid growth to the success of the brand’s new diamond-in-silver jewellery vertical, rising silver jewellery sales, and launch of exclusive brand outlets  

Pune: Gargi by P. N. Gadgil & Sons (PNGS) has achieved a significant milestone by reaching a revenue of Rs 100 crore within just nine months of the current financial year. The company had originally set this target for March 2025. Aditya Modak, Co-founder & Director, Gargi, attributes this rapid growth to multiple factors, including the success of the brand’s new diamond-in-silver jewellery vertical, an increase in silver jewellery sales, and an expansion strategy focused on exclusive brand outlets (EBOs). 

The brand’s consistent year-on-year growth rides on a robust product portfolio, a strong team and customer trust, according to Modak. “When we introduced our diamond vertical, we were unsure about how customers would respond. To our surprise, it received an excellent response, contributing significantly to our overall growth,” Modak said. He also noted that silver jewellery sales saw a 30-35% increase in same-store growth, further strengthening the brand’s financial position. 

Modak explained that customers often hesitate to buy silver and fashion jewellery due to quality concerns, but Gargi has worked hard to build trust through superior designs and materials. “The brand’s design team has been instrumental in introducing market-driven styles, while a dedicated workforce has ensured seamless execution,” he added. 

The brand has benefited significantly from having P. N. Gadgil & Sons, a brand with a 200-year-old legacy in the jewellery industry, as its parent company, and deriving expertise and insights from it. Modak acknowledges the role of PNGS and says the brand’s strong focus on offline sales has played a vital role in its growth. “Unlike newer start-ups, we have extensive experience in the offline market, which gives us an edge. Around 90% of our revenue comes from our standalone stores and SIS (store-in-store) format with PNGS,” Modak said. The brand has also expanded through partnerships with lifestyle retail chain Shopper’s Stop, allowing it to penetrate new territories outside Maharashtra.  

Despite achieving this milestone, Modak believes that the real challenges lie ahead. “Reaching Rs 100 crore was the first step. Now, as the scale of operations is expanding, we need to adapt our strategy,” he noted, adding that the company is shifting to handling larger business volumes with a transformation in its internal culture and operational framework. 

Gargi recently launched a sub-brand, Utsaav, aimed at tapping into the growing fashion jewellery market. According to Modak, Utsaav caters specifically to the event jewellery segment, offering affordable yet elegant pieces for occasions. With rising gold prices, the brand aims to target wedding guests and bridesmaids, providing high-quality jewellery at a fraction of the cost of traditional gold and diamond pieces.  

Looking ahead, the jewellery brand plans to accelerate its expansion, particularly in offline retail. “The first few years were focused on strengthening our backend operations and product offerings. Now, we are aggressively expanding our physical presence. We are entering markets beyond Maharashtra, including Delhi NCR and Indore, and opening at least one store per month,” Modak stated. The brand is exploring strategic partnerships with regional jewellery retailers, even as it is expanding its digital reach by partnering with Myntra and Blinkit for online shoppers.  

Gargi by PNGS has eight standalone brand stores, besides 27 shop-in-shop outlets through its parent company PNGS and 37 SIS through Shoppers Stop.  

Written by Aparna Bhowmick 

Retail Jeweller India Exclusive