Prasad Kapre, CEO, Bandhan Jewels gives new plans for the for 2019.
Bandhan Jewels is the latest entrant in the Jewellery Market and is the store brand under the umbrella of Style Quotient Jewellery Private Limited. Led by a team of enterprising entrepreneurs and jewellery industry stalwarts, Bandhan Jewels is a multi-brand retail platform. It’s a retail partnership programme which is based on a concept like Oyo rooms, Ola/Uber etc. where it’s a service platform provided by bunch of professionals who understand the industry very well. Bandhan Jewels intends to give support to the jewellery retailers by inviting them to be retail partners with them. When united under a same brand, jewellers can compete with big brand stores.
Prasad Kapre, CEO & Director, Style Quotient Jewellery Private Limited, speaks to PEAKLIFE about his brand, growth and expansion of Bandhan Jewels around India.
- How did you come up with this concept of all the jewellery brands under one roof?
As per the Mackenzie Report, currently, the gems and jewellery industry is witnessing changes in the consumer’s preferences adapting to a western lifestyle. Customers are moving away from unbranded jewellers due to lack of trust, inconsistent quality of products and limited jewellery range. Hence, we wanted to offer a wide range of jewellery options to our consumers while supporting existing jewellers and help them compete against big brand retailers.
- Over the years, how do you see the Indian Jewellery industry growing?
Today, the jewellery industry is still primarily local. However, soon, international jewellery brands will enter India and local jewellery houses will soon have to either compete with them or the retail groups will acquire small, local jewellers.
Secondly, the rapid emergence of online portals has given consumers a huge variety of jewellery at their fingertips. The consumer of today is well informed. According to a recent McKinsey survey, two-thirds of luxury shoppers say they engage in online research prior to an in-store purchase; one- to two-thirds say they frequently turn to social media for information and advice. Thus, an online presence has become crucial for even local jewellery players.
Consumers have become keen to see the new designs/ merchandise in line with latest trends and it has become necessary to accelerate the supply chain process to get the new designs and goods immediately in the market i.e. within 3 to 4 weeks. Therefore, the trend of Fast Fashion will now happen in Fine Jewellery segments.
- Kindly shed light on your current distribution of various brands at Bandhan Jewels.
Bandhan Jewels’ differentiating factor is that we have a slew of brands that are sold under one roof with all possible generic jewellery under gold, diamond and platinum sold in the Indian market. From brands that sell light-weight jewellery pieces for daily wear – like Being Human Jewellery, to brands that are known for their luxurious designs like Australian diamonds, we are a one-stop shop for all your jewellery needs. Our carefully designed merchandise of Bandhan Jewells will cater to high-end customers as well as the low end.
- Do we have special provisions for luxury connoisseurs who are looking for customization?
Absolutely! If you look at trends in consumer and retailer spaces right now, there’s an underlying cultural demand for custom consumer products. Due to the advent of technology, consumers do not adjust or settle for less. This is only set to rise as technology makes it easier for retailers to tailor products around their clients.
- Tell us about your growth and expansions.
We already have a co-branded store in Mumbai and we intend to open an exclusive store in New Delhi in January 2019. We have already appointed & planned 5 more such exclusive stores across India.