GIVA has unveiled a plan to expand its retail footprint significantly across India.
Established in 2019, the company initially made its mark through online sales of silver jewellery but has since shifted focus to physical retail in response to increasing consumer demand.
Current Retail Presence
Resha Jain, Chief Brand Officer at GIVA, disclosed that the brand currently has 130 physical stores across India. Jain highlighted the consumer preference for in-person shopping, especially for jewellery, which involves a tactile experience. “We try to deploy a 360-degree approach and are mostly active online, but we also leave it to our consumers to choose their own medium of shopping,” said Jain.
Investment in Exclusive Brand Outlets
The shift towards expanding physical retail outlets is driven by the need to provide customers with the opportunity to interact directly with both the product and the brand. Jain explained, “It requires a lot of capital to invest in EBOs, so initially, a brand tries to operate in a very lean way. Then, of course, you raise money and decide to scale quickly, which aligns with our strategy. This is just the beginning, as we envision eventually having over 500 stores across the country. This is why we decided to go heavy on retail.”
Target Demographic and Gifting Market
GIVA’s product line targets a broad demographic, focusing primarily on women who wear jewellery daily, including those in professional settings. Additionally, the brand capitalises on the gifting market, which has been a significant aspect of its growth strategy.
Implications for the Jewellery Industry
GIVA’s expansion plan highlights a trend in the jewellery industry: the enduring value of brick-and-mortar stores even in the digital age. For jewellers, this underscores the importance of offering a multi-channel shopping experience to meet diverse consumer preferences. The move also signals the potential for growth in the Indian jewellery market, driven by rising consumer demand for both everyday wear and gifting options.
As GIVA progresses towards its goal of 500 stores, the industry will observe the brand’s ability to balance the demands of scaling operations with maintaining the quality and personal touch that physical jewellery shopping entails.
