CHENNAI: With an eye on rising gold prices, jewellery brand Familiar is betting big on light-weight gold jewellery. It aims to move more than 50% of its gold jewellery range to its recently introduced ‘Hi-Lites’ segment in 12 months.
Titan CEO (jewellery division) Ajoy Chawla said, “The Hi-Lites range offers among the lightest weight products in the market and, after our soft launch before Diwali, it has already seen a sharp growth in new customers in Q3.” Tanishq’s overall customer growth is up 32%, but the brand saw a 39% growth in new customers. “New customers typically buy gold and day-to-day wear and the Hi-Lites products have contributed 40% of the gold jewellery sales,” he added.
In the second phase, the company will add more products to the light-weight category. “We are already looking at all our bestsellers and, in future, all new products will go through the process of light-weighting,” he added. “We are institutionalising it.” Tanishq expects to sell Hi-Lites products to “more than a million buyers in 12 months”, said Chawla.
Gold prices have gone up by more than 20% in the last 12 months, prompting the brand to look for ways to light-weight some of its best-selling designs. “We have reimagined the product piece on 3,500 SKUs (stock-keeping units), which are among our bestsellers, and launched them in October,” said Chawla.
The Hi-Lites range was 30% of the gold jewellery in stock, but contributed 40% of sales in Q3. The range of reduction is 15-25% with the company using a combination of “design reconstruction to remove excess gold”, changing the manufacturing process to make the piece lighter and changing the material to hard alloy 22-carat gold to provide lighter weight pieces in the same design.
“We have reduced the weight of gold in those products without compromising on quality, look, functioning stability,” said Chawla.
Titan CEO (jewellery division) Ajoy Chawla said, “The Hi-Lites range offers among the lightest weight products in the market and, after our soft launch before Diwali, it has already seen a sharp growth in new customers in Q3.” Tanishq’s overall customer growth is up 32%, but the brand saw a 39% growth in new customers. “New customers typically buy gold and day-to-day wear and the Hi-Lites products have contributed 40% of the gold jewellery sales,” he added.
In the second phase, the company will add more products to the light-weight category. “We are already looking at all our bestsellers and, in future, all new products will go through the process of light-weighting,” he added. “We are institutionalising it.” Tanishq expects to sell Hi-Lites products to “more than a million buyers in 12 months”, said Chawla.
Gold prices have gone up by more than 20% in the last 12 months, prompting the brand to look for ways to light-weight some of its best-selling designs. “We have reimagined the product piece on 3,500 SKUs (stock-keeping units), which are among our bestsellers, and launched them in October,” said Chawla.
The Hi-Lites range was 30% of the gold jewellery in stock, but contributed 40% of sales in Q3. The range of reduction is 15-25% with the company using a combination of “design reconstruction to remove excess gold”, changing the manufacturing process to make the piece lighter and changing the material to hard alloy 22-carat gold to provide lighter weight pieces in the same design.
“We have reduced the weight of gold in those products without compromising on quality, look, functioning stability,” said Chawla.
.