CaratLane, the omni-channel Indian jewellery brand, plans a physical store expansion in the country’s metros and mini metros. CaratLane, which began as an online-only jewellery retailer, now has 50 physical stores in 20 Indian cities and offers customers its Try@Home service that allows them to try their selection of jewellery from the online offering in the comfort of their homes with no obligation to buy.
The brand is now 62 percent majority-owned by the Tata industrial group’s Titan company that also owns the leading Tanishq jewellery brand. CaratLane owns 20 of its physical stores, while 30 are franchises. The omni-channel retail offering is delivering stellar results, with the company reporting a 60 to 70 percent annual sales growth.
CaratLane says its expansion plans are focussed on the franchise model and so will not incur any high capital outlays. It is reportedly targeting a physical retail network that will be in the region of 60 percent franchisee owned.
The planned expansions include the metros of Mumbai, Delhi, Bengaluru and Hyderabad as well as 2- and 3-tier cities in the states of Maharashtra and Andhra Pradesh.
The company uses digital ‘magic mirror’ technology to allow customers virtual try-ons at stores and has now launched its Perfect Look app to allow online customers virtual try-ons. It has also targeted inefficiencies in its supply chain by launching its StreamLane system.