Gitanjali Group today said it has entered into a strategic tie-up with Myntra.com, an online retailer of fashion and lifestyle products in the country, and is eyeing Rs 150 crore in sales through this partnership by 2016.
“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 Web sites and e-marketplaces. The partnership with Myntra is part of these larger initiatives with many unique features of its own,” Gitanjali CMD Mehul Choksi told PTI here.
He said the company is looking at Rs 150 crore sales through the partnership with Myntra by 2016.
Under the association, over 500 products from nine leading diamond jewellery brands from Gitanjali — Asmi, D’damas, Diya, G Divas, Gili, Nakshatra, Parineeta, Sangini, World of Solitaire — will be available on Myntra at prices ranging from Rs 4,000 to over Rs 1,10,000.
It would cover all categories of jewellery such as rings, earrings, pendants, necklaces, bangles, nose pins and tanmaniya.
“Online jewellery retail in India is currently at $70-80 million, which is less than half a per cent of the $30-billion overall jewellery retail market in India. We expect the online jewellery market to cross $1 billion in the next five years and aim to capture a 15 per cent of the same,” EGitanjali Business Head Deepak Tulsian said.
“This festival our customers can look forward to an exquisite collection of gold and diamond jewellery from Gitanjali, delivered right at their doorstep at 400 cities spread across the country. We are targeting Rs 30 crore in sales from the fine jewellery segment by FY14,” Myntra.com Founder and CEO Mukesh Bansal said.
Looking at the current momentum, the online retailer of fashion and lifestyle products is around Rs 2-3 lakh transactions per day soon, he said adding the fine jewellery online sales is likely to grow by 300 per cent during the festival season.