It started off as a garage boutique and went on to find a pride of place in high-end malls across the country. Damini – The Artisans of India, a Chennai-based label specialising in a wide range of traditional costume jewellery and accessories, has spread its wings to Kochi now, with a kiosk at the Lulu Mall. Parveen Sikkandar, Founder-Director of the firm gets talking on her journey.
When did you know you had an entrepreneurial streak?
In 2002, I was a 27-year-old homemaker living in Penang, Malaysia, when my husband passed away. As a single parent, it was imperative to be financially independent. I realised I couldn’t settle for a monthly stint when I changed four jobs in three weeks. A friend suggested I participate in a crafts exhibition in Kuala Lumpur, and retail small silk pouches that I used to sell for fun during my youth. It was Christmas and I sent off 100 pouches to be sold. Within half an hour, all the bags had been bought at the Christmas bazaar. And my friend called me up to ask if I had more. I had made a decent profit and that’s when I knew I wanted to be an entrepreneur.
The selling of pouches worked only for a short while and the exhibitors wanted variety at the next bazaar. I made a visit to India to scout for more interesting wares. The retail markets in India were recycling the same products over and over again. To start with, a trunk placed under our living room sofa was my store! Furniture, table mats, cast iron cookware and palm-leaf jewel cases were some of the products I traded. Taking these things overseas involved a lot of packaging and care. I also used to sell vegetable dyed bangles and hair clips. The bangles always sold first and I started getting orders even from Singapore for more designs and collections. But then, I wanted to explore lesser-known crafts and I spoke to a lot of artisans located near major temples in Tamil Nadu, as they had a good idea about what tourists want. I found an artisan who made traditional gold-plated bangles in Madurai, my hometown. I bought a lot from him and soon found there was a huge demand for this. So, I abandoned my plans to sell all those peripheral products and concentrated only on costume jewellery. I decided to settle down in Chennai and sell out of my home in Kotturpuram. After visiting many factories, we found a formula of plating that prevents Damini jewellery from getting tarnished and gives it a shimmering gold-like appearance, sans the price tag of gold.
With no formal training in business, what challenges did you face?
The biggest challenge is that of capital, as the firm operates only out of its own funds. Since goods are never bought on consignment and all artisans are paid up-front, we are always left with less capital. We depend largely on monthly sales, which is a big risk. Damini still has its flagship store in Kotturpuram. We were a pan-India brand from 2007-2012, partnering with Odyssey and Landmark bookstores in an SIS (shop in shop) format. When they began shutting shop, we had to move out too. We still retail out of Adyar and Coimbatore odyssey stores. We have to be sure-footed when choosing a location as one wrong move will affect the overall functioning. Our first kiosk was set up only last year at the Forum Vijaya Mall and the response was overwhelming. We were doing more sales than big-brand stores. We recently opened a kiosk at Lulu Mall, Kochi, and in Royal Meenakshi Mall, Bengaluru.
When did you break even? Tell us your long term goals?
There was never a question of breaking even. We were churning profits right from our pouch-making days. Today, our annual turnover stands at ₹3 crore. We might be new in Kochi, but we are familiar with the market trends. Kozhikode is next on the cards, but not this year. For Bengaluru, a kiosk in Mantri Mall and a standalone store are being worked out. My dream is to open a store in the US.
Gold still holds sway in India. How do brands like yours fare?
We are doing brilliantly in Kochi, where people prefer ‘nothing but gold.’ It’s testimony that sensibilities have changed. One has to keep innovating with new designs. Customers want something unique every time they walk into a store. The only way to go is to offer high-quality, unmatched products and designs, and of course, exemplary service. You cannot sustain with run of the mill products.
What’s the key to running a consistently successful outfit?
The best way to grow is through one’s own funds or financing from banks. If you are losing sleep over your business, rethink your venture. A good business should bring you peace of mind. Do not dilute your core product/service, and of course pay your staff, suppliers and creditors on time – every time.