Hyderabad: Omni-channel jeweller, CaratLane, which has established its 37th store in India and fourth in Hyderabad on Friday, is planning to add two more stores in Hyderabad and over 30 new stores across India this financial year, taking the total to 70. The company will soon be rolling out seven stores in the coming weeks.
Sharing market expansion plans, CaratLane VP-Offline Sales Prashant Chaudhary told Telangana Today, “We set up our first store in Hyderabad in 2012 in Jubilee Hills. We had relocated this store today. We then opened our second and third stores in the city in Forum Mall and Panjagutta. In India, we had been primarily focusing on four major cities- Delhi, Bengaluru, Mumbai and Hyderabad. Hyderabad had been an important market as the city has emerged as the IT hub. Customers in Hyderabad are very open to new designs and trends.”
He added, “We are coming out with stores that are both in high-streets as well as populous locations such as Kukatpally. High-street stores are usually upto 1500-2000 sq ft size while the mall stores are in the range of 300-500 sq ft size. Our customers begin their search online and then they visit our offline stores for ‘touch and feel’ of jewellery. We have seen that stores complement our online business as customers who have tried the products make future purchases through online route.”
CaratLane, a Tanishq partnership, was founded in 2008, by Mithun Sacheti and Srinivasa Gopalan, to make jewellery accessible, affordable and forever wearable. All CaratLane collections draw design inspirations from a historical legacy and interpret them in a modern theme.
“With the new-age woman as a muse, the design philosophy at CaratLane is to make jewellery which makes the wearer ‘feel’ beautiful, drawing out her compelling individuality, inner confidence and self-esteem,” Chaudhary said.
With a strategic investment from Titan Company Limited, CaratLane is now partners with India’s largest retail jeweller Tanishq. The partnership aims to work towards a common mission – to offer customers jewellery and a distinctive shopping experience that fits today’s values and lifestyles.
“All the designs are in-house. Our jewellery is light in weight. We make our jewellery in Mumbai, Bengaluru and Chennai. Hyderabad will have about eight stores in near-term. We had made innovation in designs, for instance our Banarasi Meena jewellery has been received well. We are trying to reduce the shipping time to 24 hours. Looking at the demand, stores can share their inventory. We offer 5,000 SKUs in total, and each store has about 800 to 1,000 SKUs. We have products in the range of Rs 3,000 to Rs 2,00,000. Our ‘Solitaire’ segment has products in the range of Rs 25,000 to few crores,” he informed.
Globally, the company is seeing demand from the US, Canada, Middle East through online route. There is a lot of interest from NRIs for gifting purpose. India will remain a key market for the company, Chaudhary added.
CaratLane is also known for its signature jewellery-buying experience across all platforms. Along with the website, CaratLane has 37 brand stores across the country. The stores bring the seamless jewellery buying experience with a no barrier access to all jewellery, along with Magic Mirrors for virtual try-ons. CaratLane also pioneered a unique Try@Home feature for jewellery buyers in the country, where customers can book an appointment, get their desired jewellery delivered at their doorsteps, and try them at their comfort with no-obligations to buy.
Further CaratLane also launched a virtual try-on app – the Perfect Look App – which enables jewellery buyers to try multiple pieces without literally having to putting them on. CaratLane integrates the StreamLane system to eliminate inefficiencies in the supply chain. It keeps the overheads low and enables CaratLane in efficient delivery, along with bringing forth savings of up to 20 per cent over retail costs to customers.