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<ul><li>Despite a rise in the price of gold and <keyword id="36141" type="ORGANIZATION" weightage="20" keywordseo="economic-slowdown">economic slowdown</keyword>, the demand for <keyword id="3198780" type="PERSON" weightage="100" keywordseo="Melorra">Melorra</keyword>’s jewellery remains unchanged</li><li>The young jewellery brand attributes this stability to design differentiation and affordable pricing</li><li>On the back of festive season, new technologies, and strong marketing game on digital media, Melorra is aiming to become a ₹160 crore brand by the end of FY19 - 20</li></ul>It was just on a casual visit to a jewellery store that <keyword id="3199001" type="PERSON" weightage="20" keywordseo="Saroja-Yeramilli">Saroja Yeramilli</keyword>, CEO and Founder of Melorra, came up with the concept of launching light-weight jewellery for young women. She overheard a conversation between a mother, who was trying to persuade her daughter to buy bulky jewellery, while the daughter was reluctant to buy something that she could not wear every day. She identified this huge gap in the kind of jewellery young women wanted and what traditional jewellers were truly offering. Melorra’s journey thus began in May 2016 with an aim to bridge this gap and address the wardrobe mismatch. It was conceptualized as a fashion-forward, real gold and diamond jewellery brand that styles for the western wardrobe of modern women. Yeramilli takes pride in disrupting the market with a simple idea. “It has been fulfilling to see that as a brand which focuses on designing jewellery for the modern wardrobe, Melorra has been successful in 'unboring' and changing the perception about gold jewellery in the country. More and more women are now looking at gold jewellery as something trendy that can be worn with just about any everyday outfit.” Yeramilli says its designs reflect the global runway trends of Milan, New York, Paris and London, and are in sync with the fashion seasons — Spring Summer and Autumn Winter. Unaffected by the Economic Slowdown Despite a rise in the price of gold and economic slowdown, there hasn’t been a decline in the demand for Melorra’s jewellery. Yeramilli attributes this stability to ‘design differentiation and affordable pricing.’ While traditional jewellery players in the market are not as excited for the festive season this year, the preparations at Melorra are on full swing. It has launched about seven Autumn-Winter 2019/20 collections and will be launching more collections in the weeks ahead. Telling us how Melorra has managed to have a smooth ride in this economic slowdown and festive plans, Yeramilli said, “About 70% of our collections are priced below ₹30,000. This and the fact that we offer attractive discounts to consumers makes Melorra a popular choice. Apart from this, while festivals are synonymous with gold jewellery in India, Melorra offers something ‘untraditional’ — gold that can be matched with any every day outfit and become a part of a woman’s wardrobe even before or after the festivities. We are looking forward to an encouraging business season ahead. We are also witnessing an increase in demand from not only the metros but also really small villages that fall in Tier-5 and Tier-6 classification.” Choice of Advertising Medium Melorra’s growth story is built solely with the help of digital media. It’s marketing monnies are 100% on digital advertising. It was drawn to the medium as it allows you to navigate your own analysis, take corrective action, with minimum budget requirements. Telling us how digital media can help a start-up grow leaps and bounds, Yeramilli said, “Given that our target audience consumes more digital media than any other form of media, digital channels enable us to be present where they are. Also, digital is one of the best mediums that can give brands measurable ROI and immediate impact, be it on YouTube or Facebook. Unlike in traditional media where a significant budget is required to get an uptick, and in digital, you can start off and see results with minimal spends too. Segmentation, personalized data and diverse viewership are among the other reasons why digital is a preferred media. With technology penetrating all aspects of marketing today, brands must understand what drives action for consumers and results for business.” Investment in New Tech Melorra has been investing in new technologies every year to increase the efficiency of its non-inventory business model. The brand uses <keyword id="883288" type="PERSON" weightage="20" keywordseo="3D-printing">3D printing</keyword> to provide an accurate and elegant finish online and now it is also placing its money on Artificial Intelligence. “Technology is one of the cornerstones of Melorra’s business. At Melorra, we have invested in Computer Aided Design (CAD) and 3D printing technology, enabling high precision and accuracy to execute and convert computer sketches into virtual 3D models, which are then rendered with real material input. Going forward, we are looking at investing in technologies to enhance customer experience with AI-led, voice-enabled and vernacular language-enabled shopping experiences,” says Yeramilli. Plan ahead With an innovative positioning and business model, Yeramilli is confident that in the next three years, Melorra will be ‘one of the largest digital consumer brands’. Melorra has recorded a year-on-year growth of 400% in FY 2019 and is expecting to grow 5X in revenue by the end of FY 2020. Yeramilli also shared her intentions of taking Melorra beyond India. She believes that Melorra’s designs are globally relevant and have a ‘market wherever there are high street brands.’

Melorra aims to become a ₹160 crore brand by the end of FY20 despite the economic slowdown and higher gold prices

<ul><li>Jewellery sales this July were 36% higher than they were last July, according to the Retailer Association of India.</li><li>Jewellery brands like <keyword id="413856" type="General" weightage="20" keywordseo="kalyan-jewellers" source="Orion">Kalyan Jewellers</keyword>, Melorra and more are banking on the <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword> and strong sales ahead.</li><li>Platinum jewellery brands, diamonds and even other precious stones’ retailers are hoping that consumers will open up their purse strings this festive and wedding season.</li></ul>The ongoing festive season, which comes after two years of COVID, has made gold, diamonds and platinum jewellers optimistic. After witnessing a spike in July, jewellery brands are looking forward to bumper festive sales this year. Manufacturers are opening new stores and upping their marketing activities to reach out to more consumers. “We are expecting the demand to go up this festive season as we are coming out of the shadows of COVID-19. We are putting up stores in eastern India (West Bengal, Orissa, Bihar and Assam), which would benefit from both Pujo and Diwali,” Kushal Singh, head of marketing of Melorra, told Business Insider India. Melorra plans to launch 60 stores by the end of this fiscal and 350 by FY26. As per the Retailers Association of India, jewellery sales this July were 36% higher than they were last July. <div type="image" title="gold rate in Aug" msid="93654867" hostid="261" caption="&amp;lt;p&amp;gt;Google finance&amp;lt;/p&amp;gt;"></div> This is in spite of erratic movements in <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword>. In mid-July, 10 grams of gold had dropped to ₹51,860. While falling prices is generally good news for buyers, since it’s also treated as an investment, they could turn nervous if their prices are erratic. Also, they have been inching up since late July and it caught pace in August. Singh however says that prices do influence purchases, but only temporarily. “Historically, gold imports to India have grown despite gold prices going up,” said Singh. He said that most of the demand will come from tier I and II cities during the festive season. Kalyan Jewellers hopes a rerun of the last quarter’s performance and also expects it to be better going ahead. It reported a net profit of ₹108 crore in the April-June quarter and its consolidated revenues stood at ₹3,333 crore. “July has been very good, the momentum is better than Q1. In the South, there's wedding and festive season, so we expect that Q2 should be good and we have high hopes because July has been behaving extremely well in India and the Middle East,” said Ramesh Kalyanaraman, executive director, Kalyan Jewellers. In the last one year, most jewellery stocks provided positive returns to their investors. <div type="image" title="Gold story" msid="93654885" hostid="261" caption="&amp;lt;p&amp;gt;BI India&amp;lt;/p&amp;gt;"></div> After the pause Kalyanraman said that consumers tend to take a pause during major macro-economic changes but that hasn’t affected brand’s long-term sales. “It [fluctuation] does not impact our sales because the customer comes with a budget and they buy for the money they have. So, if the gold price is more the volume will be lesser, if the gold price is low, then the volume will be higher, because customers come with a budget and they adjust accordingly,” said Kalyanraman. To deck up for the festive season, Kalyan Jewellers is now working on increasing its retail footprint in non-Southern India by another 8%, before Diwali this year. Platinum industry expects a buoyant consumer sentiment <div type="image" title="Caratlane" msid="93654919" hostid="261" caption="&amp;lt;p&amp;gt;Caratlane&amp;lt;/p&amp;gt;"></div> The platinum market too is gaining back its lustre after a lull. In Q4 FY22, it grew 30% year on year on the back of the wedding and festive season. It’s expected to return to pre-pandemic levels. Platinum Guild International-India’s managing director Vaishali Banerjee told Business Insider India that it has been encouraging to see platinum jewellery moving in a positive direction. “This year's H1 has seen tremendous recovery and phenomenal growth, with weddings and the festive season returning after two years. With the unlock phases post-Covid , platinum has been able to maintain a consistent and strong position in the Indian jewellery industry,” she said. Banerjee’s outlook for the second half of 2022 is equally positive. “We are hopeful that this growth trajectory will continue in H2. During the last quarter, the already buoyant consumer sentiment and positivity are expected to further increase due to the convergence between the festive and wedding seasons. This extremely important jewellery purchase period will be built through various consumer and trade marketing campaigns by PGI and its strategic partners," said Banerjee. Ovals, emeralds, long radiants, long cushions Despite a supply cut from Russia, <keyword id="10056" type="General" weightage="20" keywordseo="diamond-jewellery" source="Orion">diamond jewellery</keyword> brands too expect good sales. “The forthcoming season is always important for the diamond industry. It is the season to sparkle! Jewellers and retailers replenish their stocks during August and September to fulfill their orders for the festive and wedding season. To meet the demands of the retailers and jewellers there is enough inventory and supply of natural diamonds of all shapes and sizes,” said Rajesh Shah, partner, Venus Jewel. Diamond manufacturing, said Shah, is demand-led, which means the production automatically changes as demand grows. This time, ovals, emeralds, long radiants, long cushions and diamonds are in demand. For Caratlane, Dhanteras, Akshay Tritiya and Valentine’s day contribute over 45% to its revenue. “We have done a lot of preparations to be ready in time for the season in terms of adding more designs, more inventory, marketing actions, all of those are also on track. We feel a lot of confidence and optimism about the season,” Avnish Anand, COO and co-founder of CaratLane told Business Insider India.

Jewellery brands deck up in hope of bumper festive sales ahead

<ul><li>We have come a long way and the day is not far when we will be equal. </li><li>The bridge between men and women in the world of business has been built to a considerable extent and with time, we will only see more improvement.</li><li>Saroja Yeramilli, CEO and Founder, <keyword id="3198780" type="PERSON" weightage="20" keywordseo="Melorra">Melorra</keyword> her personal journey of starting Melorra and how she feels entrepreneurship is an innate quality in women given that they build a home – and that to me is nothing short of being an entrepreneur. </li></ul>“On my own, I will just create, and if it works, it works, and if it doesn’t, I will create something else.” This quote by Oprah is not only profoundly motivating but also relevant in the present scenario. According to the sixth economic census, by the Ministry of Statistics and Programme Implementation (MoSPI), women comprise as much as 13.76% of the total entrepreneurs in India. This figure indicates the changing times and how women are coming forward to create something of their own –building enterprises and empires. We often hear it said that after years of silence and submission, Indian women are finally ‘getting there.’ While the statement may not apply to all Indian women yet, we cannot ignore the fact that they are successfully breaking the shackles of convention. They are venturing into new areas to explore their talent and build their dreams. Not only have women strived tirelessly to overcome challenges and succeed in their career, but they have scaled unprecedented heights that many of their male peers haven’t even accomplished. Women are no longer relegated to conventional roles and have begun to make their presence felt. Many women entrepreneurs have paved the way, and run successful enterprises and brands – be it Falguni Nayar who founded Nykaa or Richa Kar of Zivame. These women have shown how challenges exist only to be overcome and are not something to run away from. The government, recognizing the potential of start-ups, particularly those led by women, has allocated a good part of the budget to accelerate their growth. Several changes have been made to the existing labor laws and rental housing to have a direct impact on startups. Policies have also been introduced to ensure positive outcomes in startup segments such as e-commerce, food delivery and grocery. All these are helping women entrepreneurs fuel their dreams and shape them into reality. Women-led organizations tend to grow more and have happier employees. Studies have shown that women tend to be more compassionate as leaders and are more communal in any group of people. Women also tend to be more determined and firmer about what they want to do. Their clarity of thought is what often helps them raise funds for their ventures and build a workforce that perpetually feels motivated. If I was to take the example of my personal journey, from being in the corporate domain to now leading a successful startup called Melorra, it has been remarkable. From ideation to fruition and raising the largest ever seed funding for an Indian venture, there has been learning and unlearning. Melorra is now present in almost every pin code in India and is on the way to becoming one of the largest consumer brands in the country – a futuristic jewellery company that uses technology to cater to the wardrobe needs of the modern Indian woman. We have come a long way and the day is not far when we will be equal. The bridge between men and women in the world of business has been built to a considerable extent and with time, we will only see more improvement. I feel entrepreneurship is an innate quality in women given that they build a home – and that to me is nothing short of being an entrepreneur. To all the women out there, you are diamonds, not meant to be broken; not meant to be stopped. If you chase your dream of building something of your own, nothing can come in your way. All the Best! - By Saroja Yeramilli, CEO and Founder, Melorra

Women Entrepreneurship in India: Are we equal yet?

<ul><li><keyword id="31174" type="PERSON" weightage="20" keywordseo="brands">Brands</keyword> have seen early signs of recovery during <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword> and <keyword id="6385850" type="UNKNOWN" weightage="20" keywordseo="Raksha-Bandhan">Raksha Bandhan</keyword> and their businesses are approaching normalcy. </li><li>After surviving the storm during the lockdown, brands have a lot of hope resting on the festive season to bring in cheer and profitability in their businesses. </li><li>With Ganesh Chaturthi around the corner, we decided to speak to a few brands across categories on how they are preparing for the festive season and what kind of expectations they have pinned on the latter half of the year for recovery. </li></ul>Brands are pinning a lot of hopes on the festive season this year to help them bounce back. They have started working on their advertising campaigns in full swing to win back consumer trust and help shape the <keyword id="29547" type="PERSON" weightage="20" keywordseo="Market">market</keyword> sentiment. The festive season, which begins in August and continues till January, often results in a disproportionate increase in demand of goods and services, marking an important period for most consumer brands. However, the pandemic this year has made consumers frugal and the current market unrest has taken a sharp toll on the total spends. As per Madison’s report, AdEx collapsed by as much as 65% because of COVID-19 in Q2, indicating how badly the economy has been performing so far. Last year for Television, the Indian Premier League (IPL), ICC World Cup and Elections in Q2’19 contributed around Rs 3,000 crore (34% to the TV AdEx in Q2’19). However, the pandemic removed both these money-spinners from the AMJ quarter this year, which has added to the decline. This year, brands are trying to come up with innovative solutions to reach out to their consumers at their door steps and are optimistic about seeing a stable growth in the next few months. Fashion e-commerce giant Myntra has seen early signs of recovery and <keyword id="1549018" type="PERSON" weightage="20" keywordseo="consumer-sentiments">consumer sentiments</keyword> picking up during Raksha Bandhan as it witnessed a surge in demand for women's ethnic wear, men’s occasion wear, kids wear, and accessories such as watches, handbags. It also saw 3.5 million customers shopping during the June edition of EORS, a testimony of how consumer sentiments are getting back on track. “The festive season, followed by winter, is the most exciting quarter for Myntra. This year we are expecting a massive scale and growth in festive buying as consumer sentiment continues to be strong. Myntra is already operating at a pre-lockdown scale, and this upcoming festive season will definitely help us in boosting our growth further. Our focus will continue to be on enhancing customer experience by providing high-quality merchandise in a curated and personalized store, along with safe and fast delivery. Our new customer acquisition is at an all-time high and we are ensuring we help them in all their lifestyle needs. We are witnessing a spike in our Tier II and Tier III customers and orders as well,” said Ayyappan Rajagopal, Head of Business, Myntra. Another new-age brand Melorra that specializes in modern jewellery, has managed to avoid the losses incurred by various other businesses during the pandemic months. It saw a 400% growth in the last financial year, and is confident of matching that level of growth with a strong performance in the upcoming festive season. “The festive season this year is expected to be even more impactful than the past for Melorra. Firstly, the lockdown that started in March slowed down the jewellery purchase due to disruption in the delivery logistics, and most of the people are looking to buy jewellery now that the deliveries have resumed. Given the pandemic, all festivities in the first 2 quarters of the FY was a washout, hence there could be a trend reversal during festive season – but not at the previous levels. Since the prices are also at an all-time high, customers would opt for lightweight and trendy gold jewellery that is not only stylish but also easy on the pocket. Melorra caters to women who live in the moment and do not keep gold stacked away in lockers like before. Hence, it is definitely a key period for the brand and the jewellery industry at large,” said Sharat Krishnan, Head of Marketing, Melorra. The festive season has always been the most important part of the year for the jewellery business. Titan has already seen 80% recovery because people are celebrating their milestones with their families at home. It has a campaign and launch of a new collection lined up for October. Ajoy Chawla, CEO Jewellery Division, Titan Company Ltd sees no reason why the festive season shouldn’t be as good as last year. “It would be as good as last year or slightly lesser. The most optimistic expectation is that it should be as good as last year. Even if it is 90% or 80% close to last year’s performance, that’s good. We’re currently seeing 80% recovery and this is my best estimate. We’ve seen this recovery because people are still celebrating milestones like anniversary, birthdays, etc. They understand that the reality is grim but how long can you keep your life on hold? They want to feel good. Also, Q3 is wedding season but the festive season is delayed this year so the season may start a little slower unless there are massive rebound cases. Some markets also take two steps forward and three steps back, there is always some fluctuation. However, after October, we are hoping to see more stability. We will also launch a new collection and campaign around October,” shared Ajoy Chawla, CEO Jewellery Division, Titan Company Ltd. On what the consumer sentiment would likely be this festive season, Nidhi Sinha, Head of Content, Mintel India said, "One of the most important things people are looking forward to once the restrictions of the pandemic are lifted is meeting friends and family. However, according to research from Mintel’s Global COVID-19 Tracker in August, 42% of Indian consumers are looking forward to meeting family and friends in person compared to 34% of consumers in early July. This desire has accelerated due to the onset of the festive season." Mintel's research data indicates that consumer sentiment is improving and there is more willingness to spend on luxury items and good brands in the market. Sinha added, "Ganesh Chaturthi, which is round the corner, would be one such important festival that would entail celebrations in a different way so as to be in line with the pandemic protocols. As people continue to be under restrictions due to the pandemic, this festival is expected to be low key compared to regular times. However, Mintel research highlights that 30% of Indian consumers are planning to spend more on clothes and accessories, presenting an opportunity for brands. This is indicative that people are planning to spend on indulgences despite a negative economic outlook. Brands like Gemini oil, Ferns and Petals and Cadbury have been very agile in talking about the changing face of the festivities and how it is an opportunity for people to spend such festivals at home with their loved ones.” Festive season is an important period for the retail industry. It is a time when consumer spending is at an all-time high. One of the leading sportswear brands PUMA has multiple new launches planned throughout the season to cater to increasing demand. Telling us how the consumer sentiment changed in retail, Abhishek Ganguly, General Manager, PUMA India and Southeast Asia said, “As we’re witnessing right now, online channels will continue to be a convenient option for consumers to shop. Given the precautions around health and safety, we are seeing people shop online or go to a store where they are confident about the hygiene measures being implemented. Having said that, as lockdown continues to be relaxed across the country, we are seeing a steady week-on-week increase in footfalls with consumers visiting our stores to buy fashion essentials.” On festive expectations, Ganguly added, “Over the last 3-4 months, we have been seeing steady growth across both our offline and online channels. The conversions have increased substantially from pre-Covid times as people exactly know what they want to buy and are shopping with a clear intent. Given the trend of how things are continuing to improve compared to the previous months, we are very hopeful of a strong September and October. We hope this trend continues through the festive season and beyond.” Electronics giant Philips has launched a few new products like Smart Hair Dryer, Eyebrows Trimmer this month to ride on the improving consumer sentiment due to the festive season. Gulbahar Taurani, Vice-President, Personal Health, Philips Indian Subcontinent, Philips India, said, “The trends indicate that this is going to be a good season. We will have our challenges in terms of supply chain, partial lockdown, movement of products because the number of COVID cases are going up. From a demand standpoint, we see a very positive sentiment. I believe that this is going to stay, which will drive the festive season. As a part of the festive season, we had a couple of new launches last month itself.” The furniture segment, which was on complete halt during the lockdown as it did not fall under essentials, is also gearing up for the festive months. Given that individuals are spending more time at home due to the lockdown, home-grown brand Pepperfry witnessed an uptick in demand for WFH furniture and décor. In fact, Pepperfry is already at 100% of its pre-lockdown sales volumes. Kashyap Vadapalli, Chief Marketing Officer &amp; Business Head, Pepperfry is now anticipating to see this trend boost their sales further as people continue to focus on making their home spaces better equipped for everything. The brand is upping its digital media game and has launched a new campaign called ‘Swadeshi is Great’. “Given that household products and celebrations at home play such an important role during the festive season, consumers are constantly looking to revamp/renovate the space such that the home category witnesses a natural upswing in demand during festivals. With this combination of consumer adaptation and brand innovation, we are positive about the consumers’ outlook and demand for categories like home décor and furniture. As consumers have become apprehensive with regards to shopping offline or even stepping outside, they are increasingly adapting to buying online. Our online business is already at 120% of pre-COVID levels. As we move along, we plan to keep innovating with digital tools to enhance our consumers’ buying experiences,” said Vadapalli. The sudden outbreak of the pandemic brought a lot of businesses to a standstill. However, one of the few sectors that have seen an upturn amid the nationwide lockdown is EdTech. Now, to evolve with changing times and to prepare for the upcoming festive season, upGrad is looking at altering its marketing strategy. It is shifting its spends towards TV as consumers would want to spend more time together, while supplementing it with digital. Telling us what kind of changes EdTech has gone through lately, Arjun Mohan, CEO-India, upGrad said, “Given the current scenario, consumer priorities are being re-calibrated. They are now undergoing a behavioral shift which is directly reflecting on their spends. Unlike earlier, individuals today have ample time and money to spend on upskilling options, which otherwise, was parked for a later date. upGrad has seen a big behavioral shift in the mindset of parents too towards learning online, as they have seen their kids benefiting from it in real-time. This is one of the major drivers that has created a massive demand for our specialised online programs, which not only enhances the domain knowledge, revise skill sets, etc. but also help professionals achieve desired career outcomes.” All brands voiced their confidence that the worst has passed, and the markets will only move towards normalcy hereon.

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Melorra aims to become a ₹160 crore brand by the end of FY20 despite the economic slowdown and higher gold prices

Karuna Sharma

Jewellery brands deck up in hope of bumper festive sales ahead

Karuna Sharma

Women Entrepreneurship in India: Are we equal yet?

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Festive Marketing: Brands are optimistic that improving consumer sentiments will help them bounce back and bring in profitability

Karuna Sharma

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