Zen Diamond to open 100 India stores by 2030
What's the story
Zen Diamond, a leading diamond jewelry brand, has announced its plan to expand aggressively in India. According to PTI, the company intends to set up 100 stores across the country by 2030, with a special focus on high-quality malls. So far, Zen Diamond has invested crores into this expansion and is now looking at different funding options.
Expansion strategy
Eyeing major metros 1st for retail expansion
Zen Diamond currently has two stores in Mumbai and has signed up for three more. By the end of this year, the total will reach five with two new stores in South India and one in North India.The company's MD, Neil Sonawala, said they are eyeing major metros first, followed by tier II cities for their retail expansion.
Financial strategy
Company has invested ₹100 crore for its operation
Zen Diamond has invested ₹100 crore for its operations in India, which has been financed through internal accruals. Sonawala said they plan to open at least 10-15 stores with this funding. For the total of 100 stores over the next five years, they will explore different funding channels, including franchises or other alternative arrangements.
Online expansion
The company is also launching an e-commerce platform
Zen Diamond already has over 450 stores in 20 countries. The company is also launching an e-commerce platform and collaborating with Pernia's pop-up. Sonawala said they will have a shop-in-shop in four to five Pernia's pop-up outlets by the end of this year as part of their online expansion strategy.
Design and production
Zen Diamond has set up a manufacturing unit in Mumbai
Zen Diamond stores in India will feature 75-80% selected international designs. The remaining 20% will be Indo-Western designs created in India, Sonawala said. He added that their focus is on modern, trendy international designs for everyday wear, evening wear, and gifting, ranging from ₹20,000 to ₹15 lakh. To support this vision, the company has set up a Mumbai-based manufacturing unit with an annual capacity of producing five lakh jewelry pieces.