Fine Jewellery to open more Nirvana stores

Fine Jewellery (India) Limited, a Mumbai-based

manufacturer of diamond studded gold and platinum jewelry, plans to open five more exclusive brand outlets (EBOs) under its retail brand ‘Nirvana’ during the next financial year.

The brand recently opened their first EBO in Hyderabad. This was also their first exclusive store in south India and the second nationally. Mehul Shah, President (sales and marketing), Fine Jewellery, informs the company has already identified properties in Mumbai and Nagpur, while their Bangalore EBO will open in the next one-and-a-half months. The company already has a flagship store in Mumbai. At the moment, they are experimenting with EBOs having 300 sq. ft., 500 sq. ft. and 800 sq. ft. each involving an investment of about Rs 3 crores. Fine Jewellery currently has 110 shop-in-shops in large formats like Lifestyle and Shoppers Stop in 25 cities, and is looking at adding 30 such outlets in the financial year 2011.

Nirvana contributed 20 per cent to the overall revenues of the Fine Group. They are expecting a growth in the same range in the next financial year.

The jewelry market in India is currently pegged at Rs 70,000 crores of which the organized retail sector accounts for close to 20 per cent. Shah said Hyderabad has been a buoyant market for Fine Jewellery with the city accounting for 13 per cent of its sales and the southern region contributing 40 per cent. The company is looking at setting up shops in cities where they have a first-hand experience.