Fashion jewellery brand Gargi by PNGS is accelerating its offline expansion strategy after scaling nearly 15 times in three years, with plans to open 20 new stores annually and strengthen its footprint across Tier II, III and IV markets.
Founded in 2021 with an initial turnover of ₹8–10 crore, the brand closed the last financial year at approximately ₹128 crore and is projecting an additional 25–30% growth this fiscal year, according to co-founder Aditya Modak. The company is currently profitable and consistently generating 20–25% cash profits.
Backed by the legacy of P. N. Gadgil & Sons, Gargi operates nearly 110 points of sale across formats, including franchise stores, company-owned outlets and shop-in-shop counters. More than 50 of these are located within Shoppers Stop outlets.
Offline remains the growth engine
Nearly 95% of Gargi’s sales come from physical retail, reinforcing the brand’s retail-first strategy. Modak noted that Indian consumers continue to prefer in-person shopping experiences, particularly in jewellery, where look, feel and trial remain critical to purchase decisions.
The company reported ₹27.31 crore in sales during Q1 FY26, with a net profit of ₹5.31 crore, underscoring the strength of its store-led execution model.
Expansion across emerging cities
Gargi plans to maintain an annual addition of around 20 stores over the next few years, with a focus on expanding into new cities and consolidating existing markets.
Key growth regions include North and West India — Rajasthan, Gujarat, Madhya Pradesh, Delhi NCR and Chhattisgarh — as the brand looks to deepen its reach beyond Maharashtra.
Most Gargi outlets span around 500 square feet, with capital expenditure ranging between ₹30–50 lakh per store. Roughly 30% of locations operate under a franchise model, while the remaining are company-owned and company-operated (COCO). Around 80% of planned investments will be directed toward store expansion and CRM-led backend integration.
Broad product mix and manufacturing strength
Gargi offers more than 3,000 SKUs across sterling silver, 9-karat gold and 14-karat diamond jewellery. The brand benefits from strong backward integration through its artisan network, allowing tighter control over pricing and quality.
With disciplined retail execution and a steady pace of store additions, Gargi by PNGS is positioning itself as a fast-scaling jewellery brand focused on emerging markets and experiential retail growth.
