Cherishgold plans India expansion

Cherishgold plans India expansion

Cherishgold, the online jewellery brand by Birla Jewels, is set to expand its presence in India. Having begun operations late last year, Cherishgold already has up to 3,500 customers, and hopes to reach a larger audience as it expands offline presence this year.

Birla Jewels boasts of offline presence in Jhansi and Delhi through its offline brand BJewelz. Going forward, the company plans to open 500 co-branded stores in the next three to five years. In an interaction with DH, Birla Gold & Precious Metals CEO Akhil Desai said, “We have already set up co-branded stores in Mumbai and Ahmedabad. While we plan to expand across the country, our current focus is Maharashtra and Gujarat.”

The brand, which intends to cater to the daily wear and light jewellery market, sources its collection from unorganised players across the country. “We currently offer 40,000 designs on the platform. This number is set to touch one lakh in six months,” he said, adding that the company has tied up with about 150 vendors to source its designs, and will soon launch its own designs also.

“Our ultimate aim is to build the ‘world’s largest jewellery mall’, therefore we are channelling all our efforts into building our digital strength and brand identity. Customer service is also a key focus area in order to build trust among customers,” he said. On the back of aggressive expansion plans, the company is looking at turnover to the tune of Rs 100-150 crore from Cherishgold in the next financial year. This year, however, it has set a conservative target of less than Rs 10 crore.

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