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Gold January 23, 2015 07:25:05 AM

Indian gold e-retailer announces massive offline expansion plan

Paul Ploumis
ScrapMonster Author
The Bengaluru-based Voylla.com has announced its plans to launch as many as 25 new exclusive offline retail stores as part of its efforts to cement

Indian gold e-retailer announces massive offline expansion plan

NEW DELHI (Scrap Monster): The Bengaluru-based Voylla.com has announced its plans to launch as many as 25 new exclusive offline retail stores as part of its efforts to cement its physical presence in the retail jewelry sector. Established in 2012, the company already has three physical stores. According to Vishwas Shringi, CEO, the company has entered into partnership agreement with Future Group to launch these stores in over the next 18 months.

Voylla Retail Private Limited which runs the e-retailing business also stated that six out of these 25 stores would be in Southern India. Two locations have already been finalized- Bengaluru and Chennai. The Bengaluru store will be launched in the next three months. The one in Chennai will be in operation within three months from then. The stores will cover a carpet area of 100 square feet and is expected to generate revenue of nearly Rs 5 lakh per month.

Of late, almost all major e-commerce players have ventured into offline retail business. Flipkart had launched its first retail store in Bengaluru. The Tata sons- promoted BlueStone.com had recently expanded its retail presence in major cities including Bengaluru, Mumbai and New Delhi. Out of the total, online sales contribute only 2%. As per projections, e-commerce business is likely to witness rapid growth in the country during next five years. Even then, it is likely to contribute only 10% of the business by 2020. The fact that 90% of the business is likely to be offline has forced major e-retailers across the country to open physical stores.

Voylla.com offers wide range of designer jewellery collections in imitation, silver and 14-18 carat gold jewellery. It offers nearly 7,000 unique designs to choose from. The portal keeps pace with the latest trends, by introducing over 500 new products every week. The proposed expansion plans are likely to multiply the company’s revenue this fiscal.

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