Industry News

Voylla Aims for Revenue of USD449.20 Million

Voylla is planning to expand its sales by adopting expansion strategy

 

India: The fashion jewellery brand, Voylla, plans to increase its retail sales in India to USD449.20 million by the end of 2020, wherein, the company plans to expand its store count to 400. Currently operating with around 123 retail stores, which includes large multi brand outlets, Voylla has recently opened a franchise store in Ludhiana, Punjab.

The company is also planning to strategically own a mix of Voylla-owned outlets as well as franchised outlets.

According to TechSci Research, with rising consumer aspirations, demand for branded jewelry products across the country has increased, which is leading to an emergence of organized retail sector. Leading gems & jewellery manufacturers and retailers are rapidly expanding their businesses in developed and developing countries, thereby fueling demand for organized shopping spaces.

According to a recently published report by TechSci Research,  India Gems and Jewelry Market By Product Type, By Point of Sale, By Organized vs. Unorganized, Competition Forecast and Opportunities, 2011-2021”, gems and jewellery market in the country is projected to grow at a CAGR of around 11% during till 2021. The anticipated growth in market can be attributed to fluctuating gold prices in India, opening of exclusive showrooms, selling jewelry through online retail space and tie-ups with online vendors such as flipkart, amazon, etc., to facilitate easy sale and supply of gems and jewelry to end customers. Demand for gems and jewelry is predominantly concentrated in the southern region of India because of aggressive marketing strategies adopted by companies and increased brand consciousness along with rising disposable income of people in the region.