Joyalukkas, a prominent Indian jewellery retailer, has revealed plans to launch an online-only jewellery brand by the fiscal year 2026.
According to chairman Joy Alukkas, this strategic move aims to tap into the expanding base of young consumers shopping for jewellery online.
A report in Financial Express stated that the Kerala-based company, which recently moved its headquarters to Bengaluru, will join competitors Titan and Kalyan Jewellers in targeting millennials through digital platforms.
Industry estimates value India’s online jewellery market at approximately $1 billion, with projections suggesting it could reach $3 billion in the coming years.
Unlike its competitors, who entered the online market through acquisitions, Joyalukkas plans to develop its digital presence organically.
The report stated that the new brand will focus on daily wear jewellery priced between Rs 20,000 and 40,000, featuring primarily 18-carat diamond pieces.
Collections will be frequently updated to reflect current trends, leveraging the company’s in-house design expertise.
Alukkas stated that the initial target markets would be metros and tier-I cities with high concentrations of working professionals, with plans to expand into additional markets later.
The company is also considering future offline expansion with smaller, scalable stores.
According to the report, Joyalukkas reported a turnover of Rs 24,830 crore in FY24, representing a 15% growth from the previous year.
The company aims to increase its revenue from diamond jewellery from 19% to 24% over the next four years, with the new online brand playing a crucial role in this strategy.
In addition to its digital expansion, Joyalukkas plans to open 60 new offline stores over the next three years, focusing on northern and western India.
This move is expected to increase revenue from non-southern markets from 15% to 25%.
The report stated that the jeweller operates over 100 showrooms, including 59 stores outside India.
As Joyalukkas develops its online presence, it remains open to acquisitions but believes its in-house expertise will be sufficient to drive this new venture.
The company is currently finalizing the name of its online jewellery brand.
