Jewel Hub, an online retail portal for diamond jewellery has just revealed its plans to set up 100 touch and feel pop-up stores largely via franchise model over the next two years.
To begin with, the brand plans to open two stores in Mumbai and one each in Delhi and Chandigarh in the next two months.
In interaction with TFW Bureau, Bhavin Mehta, Co-Founder and Managing Director, Jewel Hub, said, “We may call it the reverse retail revolution. Unlike several brick and mortar retail outlets foraying into e-commerce, Jewel Hub after tasting success on its online portal has decided to operate such outlets based on the customer feedback received.”
The brand has also set a revenue target of Rs 60-70 crore over the next 18-24 months and will also own and operate a few stores at select locations and would fund them through angel funds raised earlier.
“The proposed Pop-up stores will be set up in high footfall areas like shopping malls and will be mostly 3 way counters of 6 x 6 feet. Average estimated set-up cost per outlet would be approx Rs 4-5 lakh per outlet and operating cost would be approx Rs 12-15 lakh per annum,” said Gurmeet Singh, Co-Founder & Director, Jewel Hub. He also added that these outlets will demystify the diamonds for the customers and provide them with the much needed touch and feel aspect which is currently missing in the high value jewellery e-tailing. The franchisees will enjoy a commission on the orders booked online from their respective outlets.
The Domestic Gems & Jewellery Industry has a market size of Rs 2,51,000 crore (US $ 40.45 Billion) according to the last available study done by leading industry body. The current online business is approximately less than 1% of the total jewellery business in India with a huge potential for the business to grow in the coming years.
Jewel Hub is an online portal that specialises in diamond rings and provides lowest diamond prices in India. Founded by jewellery experts, Bhavin Mehta and Gurmeet Singh in 2013, the company believes that their core value proposition is to attain customer satisfaction by offering absolute transparent pricing and customisation as per customer’s choice.