Gitanjali partners Myntra.com for online sales

Gitanjali Group has entered into a strategic partnership

with Myntra.com, an online retailer of fashion and lifestyle products. Gitanjali aims at achieving Rs 150 crore sales through this partnership by 2016. Mehul Choksi, CMD of Gitanjali Group says, “The initiative is one of the many e-commerce activities undertaken over the last few years, with our own websites and e-marketplaces. The partnership with Myntra is part of these larger initiatives with many unique features of its own.”

Under the association, over 500 products from nine leading diamond jewellery brands from Gitanjali -- Asmi, D’damas, Diya, G Divas, Gili, Nakshatra, Parineeta, Sangini, World of Solitaire -- will be available on Myntra at prices ranging from Rs 4,000 to over Rs 1,10,000 covering all categories of jewellery such as rings, earrings, pendants, necklaces, bangles, nose pins and tanmaniya.

According to industry research, online jewellery retail in India is currently valued at $70-80 million (Rs 371-424 crores), which is less than 0.5 per cent of $ 30 billion (Rs 15,918 crores) of overall jewellery retail market in India. The Gitanjali Group expects the online jewellery market to cross $1 billion (Rs 5,306 crores) in the next five years and it would aim to capture a 15 per cent share of the same.