Earn Dazzling Profits in Jewellery Business
Retailing in India has gone through major changes that brought the lifestyle category products. The shift from organized to unorganized has even brought in a huge market for fashion jewellery. Earlier, the fashion jewellery was looked at as an imitation or costume jewellery which catered the unorganized sector aiming at people who could not afford gold. But today, the scenario is different. The fashion jewellery industry has seen a dramatic shift in contemporary fashion in brass.
Presently, fashion jewellery has a market of $3 billion and is growing with a CAGR of 24% from the last couple of years. It is profitable to invest in a popular fashion jewellery brand.
Voylla is one of the largest omnichannel fashion jewellery brands that has about 120 stores across India. It has ISO certified, high-quality products at affordable prices for consumers. Voylla has unique designs that are contemporary yet traditional.
The target market for Voylla is the young population ageing between 18-35 years. India has a large fashion-conscious population in this age group. It serves for a good market for fashion jewellery.
Voylla: An Omnichannel Fashion Jewellery Brand
Voylla was started in the year 2012 and has over 120 stores across India today. It has 200 plus artisans working for it. The brand has more than 15000 exclusive designs with over 150 art forms. It is the first brand to be ISO certified in this segment.
Voylla marks quality at its core with modern design ethos. The material used in its products is brass and hence, it is also allergy-free. Voylla offers technology with an integrated distribution channel.
Voylla sees itself as India’s largest fashion accessory brand with design, quality and affordability as core values. It wishes to build a scalable business that creates opportunities for artisans and karigars to receive rich art forms of India and build a contemporary product that appeals to the youth of the country.
Voylla is now looking for franchise partners interested in EBOs and kiosks. EBOs have a higher ROI because they have larger stock and higher bill value because of the higher number of units sold.
Franchise fee and profit margin: Voylla doesn’t charge any royalty fee but it has a franchise fee of Rs 1 lakh for a kiosk and Rs 2 lakh for a store. The profit margin for the partner is 40% on selling price irrespective of discount offers.
Location: The area required for the EBO is 300 sq. ft. whereas 100 sq. ft. for kiosks. The store location is the most important driver of sale. If a partner has a location in hand, the brand will take a feasibility test for the same. In case the brand has identified a location, it is looking for an investor. A lease will be in the name of the franchisee to give them control. The location has to be on the main road that is 200 feet wide. It should have all popular brands nearby.
Store layout: The layout will be set by the brand project team. The brand has preferred vendors for getting the fixtures and furniture. The franchisee will take the costs of these fixtures.
Inventory: The estimated cost of the inventory would be Rs 4 lakhs for a 100 sq ft store. The brand will support in deciding the inventory mix. No outside products or retagged products can be kept in the store. The brand is flexible to do stock correction in case the products are not sold for a long time.
Hiring and training: Training is an ongoing process. Hiring is done by the brand and all the staff is supposed to be in uniform and ID. There is mandatory quarterly training.
Brand and marketing support: The brand supports the visual merchandising display and store decoration. It does the PR for the store. It also plans the launch for the store. The brand does central marketing in the form of media coverage stories, corporate CSR initiatives, etc. In the case of local marketing, the brand works closely with the franchisee.
Voylla wants to set up 500 plus tech-enabled retail footprints as distribution network by the year 2025.
It has a diversified portfolio of products that covers all occasions and looks. Broadly the product categories are diamond look, fashion oxidized, ethnic or gold look, polka or Kundan and men’s jewellery.
Voylla, in the year 2020, wants to expand through a franchise network. It is looking for investors and partners to join its brand. Voylla is open for multi-unit franchising where the franchisee is capable to manage more than one unit.
Edited By: Vaishnavi Gupta