Jewellery retailer Senco Gold Ltd expects a 12% increase in revenue this festive season compared to the previous year, according to Suvankar Sen, MD and CEO of Senco Gold Ltd.
Compared͏͏ to͏͏ last͏͏ festive͏͏ year,͏͏ gold͏͏ prices͏͏ have͏͏ surged͏͏ nearly͏͏ 18%,͏͏ leading͏͏ to͏͏ an͏͏ expected͏͏ 10%͏͏ decline͏͏ in͏͏ volume͏͏ this͏͏ festive͏͏ season.
“To͏͏ entice͏͏ consumers͏͏ this͏͏ festive͏͏ season,͏͏ we͏͏ launched͏͏ an͏͏ advanced͏͏ booking͏͏ option͏͏ about͏͏ a͏͏ month͏͏ ago.͏͏ This͏͏ allows͏͏ consumers͏͏ to͏͏ lock͏͏ in͏͏ lower͏͏ prices;͏͏ if͏͏ prices͏͏ rise,͏͏ they͏͏ still͏͏ pay͏͏ the͏͏ lower͏͏ rate,͏͏ and͏͏ if͏͏ prices͏͏ fall,͏͏ they͏͏ also͏͏ benefit͏͏ from͏͏ the͏͏ lower͏͏ prices.͏͏ With͏͏ this͏͏ strategy,͏͏ we’re͏͏ addressing͏͏ the͏͏ challenge͏͏ of͏͏ price͏͏ volatility͏͏ for͏͏ our͏͏ customers,”͏͏ he͏͏ stated.
“We͏͏ have͏͏ also͏͏ broadened͏͏ our͏͏ range͏͏ to͏͏ include͏͏ bridal͏͏ wear,͏͏ everyday͏͏ wear,͏͏ and͏͏ men’s͏͏ jewellery,”͏͏ he͏͏ added.
Continue͏͏ Exploring:͏͏ Senco Gold Q1͏͏ FY25͏͏ net͏͏ profit͏͏ jumps͏͏ 85%,͏͏ revenue͏͏ up͏͏ 7.5%
New͏͏ Sub-Brand͏͏ Launch:
The͏͏ company͏͏ has͏͏ introduced͏͏ a͏͏ new͏͏ sub-brand,͏͏ Sennes,͏͏ which͏͏ offers͏͏ a͏͏ range͏͏ of͏͏ collections͏͏ including͏͏ lab-grown͏͏ diamond͏͏ jewellery,͏͏ perfumes,͏͏ and͏͏ premium͏͏ leather͏͏ bags,͏͏ along͏͏ with͏͏ other͏͏ luxury͏͏ products.
Lab-Grown͏͏ Diamonds͏͏ on͏͏ the͏͏ Rise:
“Lab-grown͏͏ diamonds͏͏ are͏͏ gaining͏͏ traction͏͏ due͏͏ to͏͏ consumer͏͏ curiosity͏͏ and͏͏ their͏͏ relatively͏͏ lower͏͏ prices.͏͏ In͏͏ the͏͏ future,͏͏ lab-grown͏͏ diamonds͏͏ will͏͏ establish͏͏ their͏͏ own͏͏ market,”͏͏ he͏͏ stated.
“We͏͏ have͏͏ launched͏͏ four͏͏ new͏͏ stores͏͏ for͏͏ the͏͏ brand͏͏ in͏͏ Kolkata,͏͏ and͏͏ it͏͏ will͏͏ also͏͏ be͏͏ accessible͏͏ online,”͏͏ he͏͏ mentioned.
Over͏͏ the͏͏ next͏͏ three͏͏ years,͏͏ the͏͏ company͏͏ anticipates͏͏ that͏͏ the͏͏ newly͏͏ launched͏͏ sub-brand͏͏ will͏͏ contribute͏͏ 3%͏͏ to͏͏ its͏͏ revenue.
“We͏͏ aim͏͏ to͏͏ make͏͏ an͏͏ initial͏͏ investment͏͏ of͏͏ INR͏͏ 50-60͏͏ crore͏͏ in͏͏ this͏͏ business,͏͏ followed͏͏ by͏͏ yearly͏͏ investments͏͏ of͏͏ INR͏͏ 25-30͏͏ crore͏͏ over͏͏ the͏͏ next͏͏ four͏͏ to͏͏ five͏͏ years,”͏͏ he͏͏ remarked.
Diverse͏͏ Sub-Brand͏͏ Portfolio:
The͏͏ company͏͏ currently͏͏ has͏͏ three͏͏ additional͏͏ sub-brands:͏͏ Gossip͏͏ for͏͏ silver͏͏ and͏͏ fashion͏͏ jewellery,͏͏ Everlite͏͏ for͏͏ everyday͏͏ jewellery,͏͏ and͏͏ Aham͏͏ for͏͏ men’s͏͏ jewellery.
“Currently,͏͏ wedding͏͏ jewellery͏͏ accounts͏͏ for͏͏ 35%͏͏ of͏͏ our͏͏ business,͏͏ while͏͏ men’s͏͏ jewellery͏͏ contributes͏͏ 15%,͏͏ silver͏͏ jewellery͏͏ makes͏͏ up͏͏ 3%,͏͏ and͏͏ everyday͏͏ jewellery͏͏ represents͏͏ the͏͏ remaining͏͏ 47%,”͏͏ he͏͏ said.
“This͏͏ year,͏͏ growth͏͏ in͏͏ diamond͏͏ jewellery͏͏ has͏͏ been͏͏ subdued;͏͏ however,͏͏ we͏͏ view͏͏ a͏͏ 15%͏͏ growth͏͏ as͏͏ strong͏͏ in͏͏ the͏͏ diamond͏͏ segment,”͏͏ he͏͏ added.
