In the upcoming five years,PNGS Gargi Fashion jewellery aims for 100 crore YOY sales
Gargi jewellery by P N Gadgil & Sons aims to make a record in staggering 185 per cent sales growth over the next five years. Their 92.5% certified sterling silver jewellery and best quality Non Silver jewellery has been creating a sustained customer base over the years.
Pune-based jewellers P N Gadgil & Sons in December 2021 launched Gargi Fashion jewellery, under a new company called PNGS Gargi Fashion Jewellery Limited to keep up with the ever-changing taste and demand for jewellery. The vision at Gargi is to make a woman feel beautiful by giving her a wide range of choices to use to dress up beautifully for any occasion, be it work or a party. Each piece of jewellery is crafted with care to bring out the latest trends in fashion.
The range of jewellery is created out of 92.5% sterling silver and best quality non-Silver and is easy on your pocket. The designs are trendy and the addition of semi-precious stones makes them all the more appealing. Each piece of jewellery is of the highest quality.
The global fashion accessories industry is looking at striking growth in the forthcoming years. Jewellery needs are increasing and accordingly the accessories industries are expected to grow at a satisfactory rate. And when it comes to accessories, countries like India and China taking the lead in the Asia Pacific region.
“Fashion Accessories Market, 2022-29”, a recent report by Fortune Business Insights says the growing attraction towards luxurious lifestyles along with increasing purchasing power is expected to support market growth significantly. Some other factors behind this growth include an increasing consciousness towards appearances and how eyewear, jewellery, footwear etc are being considered ‘trendy’ among millennials and fashion influencers who are followed by the masses.
Gargi Fashion Jewellery, is trying in every possible way to get a substantial share and get to its projected record of a staggering 185 per cent sales growth over the next five years.
Over the past year, Gargi’s total sales have increased from about Rs 5.94 crore in the period from December 1, 2021 to March 31, 2022, to 12.35 crore up to September 30, 2022. And, the future seems to be even more sparkling. According to projected figures, total sales are expected to touch Rs 75 crore in FY 25-26 from Rs 25 crore in FY 22-23.
The target is to reach Rs 100 crore Year on Year (YOY) sales in the next 5 years. It is said that a major chunk of these projected sales is going to come from stores in the offline format, which will account for sales to the tune of Rs 75 crore while online sales will account for another Rs 20 crore out of the total estimated figure of Rs 100 crore for FY 26-27.
And if trends and numbers are any indicators, they will get to their target sooner than later. The silver demand has been exceptionally promising for 2022, with global silver demand forecast to rise to a record high of 1.112 billion ounces in 2022, according to the Silver Institute, a marketing body funded by the silver industry.
With more and more women joining the workforce, the demand for easy to wear, light yet trendy silver jewellery has certainly grown. Silver clearly seems to be becoming the new trendy demanding gold and there is a marked growth in the love for the white metal.
To power the sales, the promoters of Gargi Fashion jewellery plan to enter the B2B segment. In the B2B segment, Gargi will serve to multi-brand retail vendors as well as place the products in large & multi-brand shops. Point of Sales (POS) will be established in malls and hyper local shopping areas across multiple cities in India to capitalize on mass branding to power up offline sales.
At present, the Gargi collection is made from silver and Non-Silver. But the brand is not going to be limited only upto this as they plan to introduce designs in studded jewellery made from semiprecious stones next year to make the range wider and offer more options to the buyers, both men and women.