Gitanjali and Myntra.com

LIFESTYLE/FESTIVITY

Gitanjali and Myntra.com Announce Strategic Partnership Major Boost for 

 Online Jewellery Retail
Launch of Fine Jewellery Category coincides with Festive Season
Over 500 designs, specialized delivery channels and other unique features

Mumbai, October 10, 2012: Online jewellery retail in India received a major boost with the announcement of a strategic tie-up between Gitanjali Group, the largest branded jewellery retailer in the country and Myntra.com, the largest online retailer of fashion and lifestyle products in India.

The partnership would combine the strengths of the two companies and boost sales by leveraging the enormous potential of online retail. Gitanjali’s leadership strength in the branded jewellery space and its vast experience in marketing of jewellery would complement Myntra.com’s enormous reach to millions of online consumers.

Gitanjali expects to achieve sales of up to Rs. 150 crore through this partnership by 2016, with a target of Rs. 30 crore by 2014. Myntra.com believes that fine jewellery online sales will grow 300% during the festival season.

Mehul Choksi, CMD, Gitanjali, says, “We have always strived to increase the accessibility of our products and develop new channels for reaching the consumer. We have taken many e-commerce initiatives over the last few years, with our own websites and e-marketplaces. The partnership with Myntra is part of these larger initiatives with many unique features of its own. We are happy to be associated with them to reach out to millions of online consumers.”

Commenting on the association, Deepak Tulsian, Business Head, EGitanjali Ltd says, “Online jewelry retail in India is currently at $70-80 million, which is less than half a percent of $30 billion overall jewelry retail market in India. We expect the online jewelry market to cross $1 billion in the next 5 years, and aim to capture 15% of the same”.

Mukesh Bansal, Founder & CEO, Myntra.com, says, “We are excited to launch our fine jewellery category on Myntra with the largest jewellery group in the country - Gitanjali. This is one more step in our ongoing commitment to offer our customers with a varied range of products on Myntra.  What could be a better time for launching fine jewellery than the festive season! Our customers can now look forward to an exquisite collection of gold and diamond jewellery, delivered right at their doorstep".

 With this association , over 500 products from nine leading diamond jewellery brands from Gitanjali such as Asmi, D'damas, Diya, G Divas, Gili, Nakshatra, Parineeta, Sangini and World of Solitaire will be available on Myntra, at prices ranging from Rs. 4,000 to over Rs 1,10,000. It would cover all categories of jewellery such as rings, earrings, pendants, necklaces, bangles, nosepins and Tanmaniya.

Myntra has also partnered with a specialized delivery channel to ensure products reach customers safely and on time.

The new partnership is part of an initiative by Myntra.com to expand the scope of its offerings to consumers by adding the leading jewellery brands from Gitanjali Group.

About Gitanjali Group:

Gitanjali Group is the world’s largest integrated branded jewelry manufacturer -retailer with an annual turnover of over $2.5 billion. Established in 1966, today its activities are spread across the entire value chain from rough diamond sourcing, cutting, polishing and    distribution, and jewelry manufacture, to jewelry branding and retailing gold and diamond jewelry in India and abroad.

The Group pioneered jewelry retail revolution in India by launching Gili way back in 1994. It today owns and distributes eight out of the top ten jewelry brands in the country including Gili, Nakshatra, Asmi, D’Damas, Sangini and Diya.

Over the last two decades, it has expanded operations in USA, UK, Belgium, Italy and the Middle East to China,Singapore and Japan.

Today the group owns large retail chain in the US, Samuels and Rogers; and has acquired a number of brands such as Stefan Hafner, Valente, Io Si, Poratti and others in Italy, and has a fast developing presence in China, Japan, Singapore, the Middle East and other new markets.

Gitanjali Group, also sells its various jewellery brands through its own online marketplace which is ‘www.gitanjaligifts.com’ and ‘www.jewelsouk.in’ 

About Myntra:

Myntra.com is among the top e-commerce companies in India and is the largest online retailer of fashion and lifestyle products. Myntra has partnered with over 500 of the best  fashion and lifestyle brands in the country such as Nike, Puma, Adidas, Lee, Levis, Arrow, Jealous 21, Fabindia, Biba, UCB, US Polo, etc. to offer a wide range in latest branded fashion and lifestyle wear. With the largest in-season product catalogue, 100% authentic product, cash on delivery and favourable return policies, Myntra has become the preferred online shopping destination in India.