 Dear Shareholder,
I am pleased to take note of the fact that your Company has achieved tremendous success in branded jewelry market penetration. Over the last 4 years we have been expanding our retail network globally at a measured and sustained pace. Today we have significance presence with over 2500 point of sales for more than 30 recognized brands across the top 5 diamond jewellery markets globally.
India is our fastest and most attractive growth destination. Rapidly increasing income standards, shift in consumer preferences for discretionary spending, and favorable industry dynamics have been major drivers. The diamond jewelry industry as a whole is growing by 12-15% while the share of organized players like Gitanjali is increasing by 20-25%, which offers compounding growth opportunity for your company.
Today our brands are well recognized at every household level in the country. Gili, Nakshatra, Asmi and D’Damas have graduated from being product brands to integrated retail brands. Our strategy remains to achieve mass for these brands by further domestic expansion in Tier II and Tier III towns, and by exploring modern retail and franchise formats as well as exports to other potential economies.
The Group’s US retail chain Samuel and Rogers has recovered from the challenging environment of the local economy. Our business model of in-house manufacturing capabilities in low cost locations such as India, sourcing strength from key global suppliers such as DTC, and cost optimization through outsourcing non-core functions back to India have helped in sustaining and now expanding the US retail business. We remain opportunistic in our approach to cautiously expand both organically and inorganically for the global retail levels.
Over all the fully integrated business model conceptualized has been unique for this industry. I am confident that the next leading global jewellery brand would emerge from India.
I look forward to your continuous support and share in this commitment. |
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