Jaipur-based fashion jewellery retailer Voylla is all set to hit the international markets with five shop-in-shop outlets across malls in Dubai, Ras al-Khaimah, and Abu Dhabi, with an aim to establish itself as an international brand.
After UAE, it plans to have an offline presence in the US by around December 2016. The first outlet is scheduled to be launched in Dubai by the end of June.
“We are targeting a Ramadan season opening since we want to capture the opportunity provided by the gifting season that falls after Ramadan. While currently we are starting with shop-in-shop, opening exclusive brand options (EBOs) are also on cards, depending on the response of these stores,” Co-Founder and Chief Technology Officer, Voylla, Jagrati Shringi told Indiaretailing.
“The cost of setting up these kiosks in the UAE could be in the range of $20,000-70,000,” she added.
The company, which is currently present in foreign markets such as the US, Germany, and Dubai through different marketplaces, such as Jadopado.com, Amazon.com and Ebay.com, said that these markets drive close to 12 per cent of its overall business currently and the aim is to expand this to at least 20 per cent by December 2017.
Voylla plans to enter the UAE market with fusion fashion jewellery with a price range of Rs 1,200-4,000.These items will be a mix of traditional Indian jewelry with a touch of modern design. In India, the price of jewelry is in the ranges of Rs 300-3,500, according to Shringi.
“We are witnessing a shift in consumer behavior. The majority of the purchasing now is affected by latest fashion trends. While precious jewellery is a long-term commitment, fashion jewelry gives clients the adaptability to stay fashionable and look up-to-date. This is the kind of audience we are trying to target,” Shringi said, on the type of offering the company is planning to enter the international markets with.
“Also, Dubai has around 51 per cent of Indian population, hence keeping a mix of both contemporary and traditional jewelry becomes essential for us,” she added.
Launched in 2012, Voylla sells jewellery and accessories for men, women, and kids on its own portal as well as on other online marketplaces. Over the years, the company has embraced omni channel retail with offline stores being a big strategy for the company.
“We currently operate 15 stores, including shop-in-shops and EBOs pan India. We are planning to take the number to 100 stores by the end of this financial year,” mentioned Shringi.
Voylla is backed by private equity firm Peepul Capital and Pune-based Snow Leopard Technology Ventures besides angel investors. It has raised at least $17 million so far. The company has been continuously growing at a rate of 400 per cent YoY.
“With the international and offline expansion, we are all set to break some records in this financial year!,” concludes optimistic Shringi.