AIMING FOR RS 14,500 CR IN FY19-20: JOYALUKKAS
The margin is very modest because we believe in giving customers the best at the best possible value. During each period, we have strategized our own marketing activities. In the early 2000’s we used to sponsor prestigious events and functions. Now, we have adopted many new innovative ways to reach and connect with our customers. For example, the digital medium has attained enormous growth and popularity within a short span of time. We have started shifting a big chunk of our marketing spends to online. This year, we have allocated about Rs 20 crore in India for marketing and advertising budgets on Digital. The other media we use for advertising include Cinema, OOH, Print (newspapers and magazines), TV, Radio and Events. The preferred medium for us in India still is Print, specifically major newspapers in all regions. In countries like Singapore, we advertise on Radio, Metros and OOH. Media is just a factor and business is not dependent on it. There are a number of other factors like the showroom locations, showroom interiors, staff behaviour and approach, and jewellery designs which act as a catalyst for business growth. Gold purchase is not a recurring purchase for the average consumer, they buy gold once or twice in a year; so we cannot compromise on product design, quality and customer care.
ON FUTURE PLANS
I plan to expand the business in different verticals based on the opportunities available. Last year, our turnover for the jewellery business alone was Rs 8100 crore in India, out of which Rs 800 crore came through our online channels. The overseas turnover was around Rs 5000 crore. This financial year, we target to grow the turnover to Rs 14,500 crore. My objective for Joyalukkas is to grow, steadily and consistently and we have managed this year on year during the last 30 years of our operations.
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