Want to focus on North India to boost business: President, Forevermark
Sachin Jain says India is the third biggest market for the diamond brand, contributing 35% to its global business
Published - Jul 16, 2018 8:54 AM Updated: Jul 16, 2018 8:54 AM
Forevermark, the diamond brand from De Beers Group, has revived its marketing strategy. The brand sold around 2 lakh diamonds in India in 2017-18 and aims to take up this number to 3 lakh in the current fiscal. And to achieve this target, the company will very soon launch multiple campaigns with a 360-degree approach, especially designed for new-age customers.
Forevermark began its operations in 2007 in the eastern part of the world, starting from China, Japan and Hong Kong. In India, it has completed more than six years.
Talking about the Indian market, Forevermark President, Sachin Jain told exchange4media, “We are into the seventh year of our business in India. We have grown phenomenally in the last three years. The Indian market is contributing 35% of our global business. India is the third biggest market for Forevermark after the US and China. ”
Jain feels that the diamond business in India will only grow and scams like the one involving diamond businessman Nirav Modi will have no negative impact on the sentiment. Also, the company is now investing in awareness campaigns in markets across India to educate customers about the purity of diamonds.
“Our business has grown over 100 per cent in the last three years. Globally, we are growing at 30 per cent. We see entry of a lot of organized retailer players into the diamond category,” Jain said.
In India, the brand is present in 48 markets across country and now plans to expand to 52 markets by increasing their presence in Tier II and III cities. It is also planning to add 20 more outlets in its current tally of 250 stores.
“The company is growing at a good rate. To increase the user base, we want to focus on the northern part of the country. South has always been our strongest market, followed by eastern and western market,” he added.
The company will soon launch a new campaign targeting women who are bold and confident.
“The brand is launching a ‘Half Carat’ campaign in India in August-end. The two-month-long campaign will target women who are bold, possess an attitude and are confident of the choices they make. These jewellery pieces are designed with a diamond of half carat and holds potential for versatility in affordability, design and emotional value,” said Jain.
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