Shaya, by Caratlane opened its newest store in Bangalore. This is the first high street store to open in Bangalore city for the brand after the two Mall stores at Nexus Koramangala (formerly known as Forum) & Phoenix Market City, Whitefield.
Shaya offers authentic 925 Silver Jewellery for the modern women, mostly used for day to-day use. Many brands have ventured into this space over the years, including traditional gold retail chains such as Kalyan Jewellers, GRT, PC Jewellery among others. While the silver jewellery section used to be a part of the larger store, nowadays, an individual store with a different branding is being experimented.
Caratlane, founded by Mithun Sancheti & Srinivasa Gopalan in 2008 was acquired by TATA Group’s Tanishq Jewelery in 2016 for Rs. 357 Cr. CaratLane, India’s largest digitally native omni channel jewellery brand continued its strong growth in Q3, on the back of high consumer demand in the festive season and posted Rs. 671 Cr as revenue Q3 FY 22-23. CaratLane is also known for its signature jewellery-buying experience across all platforms.
In a truly omnichannel approach, CaratLane has over 138 Exclusive brand stores across the country. The stores bring a seamless experience with access to all the inventory the brand has across all its stores as well in the backend. CaratLane is also credited with pioneering a unique “Try at Home” feature, where customers can book an appointment to view the jewellery and explore them at their comfort, with no obligation to buy. Even before the onset of the pandemic led lockdown, CaratLane had launched a video call service which enables jewellery customers to buy jewellery with the help of a jewellery expert over a video call.
Though the overall jewellery market in India is estimated to be over Rs. 4 lakh Cr. (US $ 480 Bn), the ornamental silver jewellery market is (US $ 120 mn) currently in its infancy with an estimated market size of Rs. 1,000 Cr and is expected to grow 50% year on year for the next few years. Today’s modern women are avoiding gold jewelery to workplace, especially. Instead, the modern womenfolk are moving towards chic and stylish, low-cost, silver jewelry which matches not just for Indian clothing but also for western wear, including denims and casual clothing. The silver jewellery for men is another fast growing area.