New Delhi: Titan-backed online jewellery brand, Caratlane which sell diamond and gold jewellery will soon launch its new brand to sell silver jewellery called Shaya. The brand will hit the market by the end of September, said a top executive of the company.
“For the last two years we have been working on this project and in the last one year it has picked up steam. We also see it as a natural progression for what we do for our customers. Talking to our customers gave a sense that they are ok buying silver jewellery as well. A lot of customers we serve buys gold as well as silver jewellery,” said Mithun Sacheti, CEO of Caratlane.
According to Sacheti, this new addition in the Caratlane’s portfolio will help the company to become a major player in the under Rs 10,000 online jewellery category.
“Our aim this year is to expand our portfolio. We are adding the sub Rs 10,000 price point in our portfolio which was missing earlier. With the launch of Shaya, we want to own the online jewellery business under Rs 10,000 category,” said Sacheti.
Shaya will be launched as an online brand and the products will not be available on Caratlane’s physical store as well.
“We will not be opening physical stores for Shaya. There is a large online market for silver jewellery and we will leverage that,” the executive informed further.
The average bill value for the brand will be under Rs 5,000, said Sacheti.
Meanwhile, Caratlane which currently has around 40 offline stores will see the numbers going up to 60 by the end of the fiscal year.