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Gitanjali Partners with Online Retailer Myntra
Oct 10, 2012 7:15 AM
By Dilipp S Nag
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RAPAPORT... Gitanjali Group has partnered with Myntra.com, an online retailer of fashion and lifestyle products in India, with an aim to boost sales. The company’s strength in the branded jewelry space and experience in marketing of jewelry would complement Myntra.com’s reach to millions of online consumers, it explained.
Gitanjali expects to achieve sales of up to $28.4 million (INR 1.50 billion) through this partnership by 2016, with a target of $5.7 million (INR 300 million) by 2014. Myntra.com expects that fine jewelry online sales will grow 300 percent during the festival season.
“We have always strived to increase the accessibility of our products and develop new channels for reaching the consumer. We have taken many e-commerce initiatives over the last few years, with our own websites and e-marketplaces,” said Mehul Choksi, the chairman of Gitanjali. “The partnership with Myntra is part of these larger initiatives with many unique features of its own. We are happy to be associated with them to reach out to millions of online consumers.”
The online jewelry retail in India is currently at $70 million to $80 million, which is less than half of 1 percent of $30 billion overall jewelry retail market in India, said Deepak Tulsian, business head of EGitanjali Ltd. “We expect the online jewelry market to cross $1 billion in the next 5 years, and aim to capture 15 percent of the same,” he noted.
Mukesh Bansal, the founder of Myntra, said, “We are excited to launch our fine jewelry category on Myntra with the largest jewelry group in the country - Gitanjali. This is one more step in our ongoing commitment to offer our customers with a varied range of products on Myntra.”
The online company noted that with this association, over 500 products from nine leading diamond jewelry brands from Gitanjali such as Asmi, D'damas, Diya, G Divas, Gili, Nakshatra, Parineeta, Sangini and World of Solitaire will be available on Myntra, at prices ranging from $76 to over $2,086 (INR 4,000 to over INR 1,10,000). It would cover all categories of jewelry such as rings, earrings, pendants, necklaces, bangles, nosepins and Tanmaniya.
Myntra has also partnered with a specialized delivery channel to ensure products reach customers safely and on time, it noted.
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Tags:
diamond jewelry, Dilipp S Nag, Gitanjali, India, Mehul Choksi, Myntra, Myntra.com, Online, Rapaport, Retailer
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