Priyanka Khandelwal’s D2C style jewelry emblem Priyaasi has witnessed one hundred% revenue growth in FY21
The label is present throughout foremost ecommerce marketplaces in India and sells up to 100,000 SKUs each month
The enterprise is now exploring investment possibilities to construct an INR 500 Cr business
As direct-to-patron (D2C) brands preserve to flourish amid new surges of Covid-19, a new set of startups are quietly creating a foray into the digital space. Traditionally talking, style jewellery has normally remained part of local save advertising. Almost anyone has a fave seller or keep wherein she finds simply the right form of gown jewellery to satisfy her fashion wishes. Then there are markets like Sarojini Nagar (Delhi), Gariahat (Kolkata) and Colaba (Mumbai), which are already well-known for their superb pleasant however affordable products.
However, one rarely reveals such types on line, although ecommerce giants like Myntra, Ajio, Amazon and Flipkart flourish in relation to stylish clothing. One purpose could be the lack of pan-India manufacturers in this area, leading to a lack of patron accept as true with. But with the upward thrust of D2C brands over the past few years, style jewellers like Pipa Bella, Sukkhi and Voylla have commenced gaining a devoted following. Better still, on line trade has added them closer domestic in phrases of convenience and options.
One such logo is Gurugram-primarily based Priyaasi that went from selling a few hundred fashion jewellery portions in 2015 to greater than 90,000 a month in 2020, thanks to the spike in on-line call for. The bootstrapped organisation further witnessed greater than INR 35 Cr worth of turnover in the identical year.
The D2C brand is presently working across on-line marketplaces with a minimum social media presence. One could assume social is a massive a part of building a D2C emblem, but for Priyaasi, its product range on my own has pushed the corporation’s increase. But how has it been done at a time while brands everywhere in the international have struggled to survive the economic fallout of the Covid-19 pandemic?
How Brand Priyaasi Was Built
Priyanka Khandelwal, the founder of Priyaasi, comes from an entrepreneurial circle of relatives historically worried in the precious jewelry alternate. However, she started her profession as a software expert and had a stint as an entrepreneur all through her live inside the US. Once back in India in 2014, she wanted to installation a brand new commercial enterprise and deep-dived into ecommerce. Khandelwal spent a whole yr trying to figure out the types that paintings first-class in on line trade.
“I had already seen the D2C style growth take off in the US. And when I returned domestic, I noticed the united states warming as much as on-line fashion. I knew I wanted to start a enterprise on this segment. So, I took the time to do my market research,” she says.
Although jewelry design and handling product cycles got here evidently to her, Khandelwal’s in-intensity studies also elicited the gigantic ability for online jewelry income. At the time, just a few area of interest structures like Voylla were specialising in fashion jewellery, and the demand a ways outweighed the supply.
Khandelwal began her enterprise with just 10 products and dedicated only some hours a day as she worked from home at the same time as taking care of her college going youngsters. By 2017, she installation a brick-and-mortar office in Gurugram and worked with a team to handle manufacturing and sales.
Rebranding her familiar style jewelry commercial enterprise into what is now referred to as Priyaasi and launching the brand on Myntra in 2018 were the fundamental turning factors for the enterprise. Today, the emblem has a ubiquitous presence across all important fashion structures such as Nykaa, Amazon and Flipkart.
Of route, the complete transformation took time, attempt and abilties. Leveraging the family’s know-how of sourcing the excellent uncooked materials and body of workers, Khandelwal develops conventional and sublime jewelry traces via specific production partnerships throughout the country. Everything else within the product cycle, from designing to packaging and warehousing, is managed in-house, with the logistics outsourced to different corporations. The modern group size includes forty nine employees, mostly running across procurement, quality manage, warehousing and ecommerce distribution.
“All those (on-line) systems follow stringent great and logo manage protocols. The products have to meet quality standards as well as the expectancies in their patron base. We got rejected numerous instances while we to start with applied to characteristic on those structures. But we continued and advanced the layout and presentation of the goods,” says Khandelwal.
Realising The D2C Dream
Reworking the designs paid off in 2020 while Priyaasi changed into presented the quality jewellery brand on Myntra. In reality, the design curation, packaging and presentation of merchandise based on the remarks from diverse ecommerce systems have played a vital position inside the agency’s increase, says the founder. In an industry in which design requirements trade just like what occurs in fast fashion, staying updated with market call for and making sure that the goods are manufactured and presented online manner beforehand of the opposition were a prime attention of the fashion label.
The outcome changed into in sync. According to Khandelwal, Priyaasi’s sales grew more than one hundred%, from INR sixteen Cr in FY2019-20 to INR 35 Cr in FY21 (ended on March 31, 2021). At present, around 15% of its on-line income come from the employer’s internet site that turned into released in 2020. Khandelwal has set her attractions on taking this share to forty% via the end of this calendar year, whilst the final will come from ecommerce marketplaces.
“Depending on the season, we promote anywhere between 60,000-100,000 products each month,” she provides.
Until now, Priyaasi has seen tremendous traction from clients touring ecommerce marketplaces. Most buyers set out seeking out style jewellery and frequently emerge as repeat customers if they're glad with product traces. Priyaasi is also running on developing higher consumer engagements to growth brand consciousness.
Incidentally, the logo also launched its social media presence together with its internet site. Khandelwal presently handles the patron engagement element, however Priyaasi is actively hiring to convey emblem specialists on board.
“Within the following five years, we want to attain a sales of INR 500 Cr, that's viable due to the fact India’s fashion jewellery marketplace has vast potential. We have taken a bootstrapped company this a ways, however the next boom level will need investment. This investment might be required to build a strong advertising channel and emblem price,” says Khandelwal.
The founder says that she did not feel the want for funding till 2020, however following the pandemic, the organisation has assessed its increase plans. Much like other ecommerce manufacturers, Priyaasi in short pivoted to production mask final year to preserve the commercial enterprise afloat. But the rising call for for style jewellery has satisfied the agency to plan a bigger and long-term funding approach.
Priyaasi competes with funded jewelry brands like Melorra, Bluestone, Voylla (raised $15.5 Mn), Sukkhi (raised greater than INR 51 Cr), Rubans (a part of Myntra’s accelerator programme) and more, but lots of these are in the traditional gem and jewellery enterprise as an alternative of fashion jewelry. Then there are numerous offline-to-online manufacturers like Zaveri Pearls, Shreehari and SriKrishna Pearls that have region- and market-precise popularity. Given the rising competition, can Priyaasi build a worthwhile omnichannel presence?
“We needed to abandon some plans for offline marketing ultimate year, however we've got plans to evaluate the possibility again as soon as the Covid-19 state of affairs stabilises. As of now, anyone is selling on-line, and we are in an amazing region,” says Khandelwal.
Fashion Jewellery: Challenges And Opportunities
As of now, Priyaasi’s earnings is within the single-digit variety, but the agency is solely focussing on developing its user base and building patron engagement. As fashion jewelry is quite affordable in comparison to treasured jewelry, it has become a quick-developing market, with old and new gamers searching for to offer particular price offerings on this space. Understandably, this section is incredibly aggressive. But there is also scope for higher margins if agencies can differentiate themselves in terms of fine and fashion statements, say retail specialists. In truth, many agencies have raised widespread funding nowadays, and witnessed mergers and acquisitions based on their emblem price.
In April this yr, beauty platform Nykaa introduced its acquisition of fashion jewellery emblem Pipa Bella. This is not sudden as Nykaa Fashion aims to make bigger its jewellery line and offer style jewelry and add-ons. In January, Indian conglomerate Aditya Birla Fashion and Retail sold a 51% stake in Sabyasachi Couture, a luxury brand that gives garb, jewelry and accessories. In 2019, the business organization announced the purchase of Jaypore, any other D2C brand that sells handcrafted apparel, jewellery, home textiles and home decor gadgets, among others.
Does Priyaasi see itself diversifying to other merchandise to build a stronger logo in the destiny?
“Once we attain INR a hundred Cr revenue, we need to begin our custom line of silver jewelry and accessories which includes watches and luggage. But these are capital-intensive initiatives, and we are able to study concrete funding possibilities before we do it,” says Khandelwal.