PNG Jewellers, the popular jewellery entity from Maharashtra is betting big on revitalised brand “Silvostyle Fashion Next” in the Indian Festive season. The brand is all set to launch across 35 stores of PNG Jewellers in a shop-in-shop model, an e-commerce store as well as Silvostyle Fashion Next Exclusive Boutiques. The brand aims to create a 100-crore business in three years around silver jewellery and semi-fine fashion jewellery.
Speaking on the initiative to bring Silver Jewellery to the focus during the festival season in India, Dr. Saurabh Gadgil, Chairman and Managing director, PNG Jewellers said, “Silver and gold are two very different categories that appeal to different needs of people. One cannot replace the other for the festive period. Silvostyle- Fashion Next is in the lifestyle jewellery category, with products that will appeal to a younger audience, focused more on fashion, convenience and style. There is a big demand for such silver jewellery in the urban population, especially with working women and teenagers who are looking for everyday fashion options.”
The market trends show how silver jewellery has come back in vogue in a big wave across the globe as well as in India. Industry experts also point out how the younger generation is more focused on investing and wearing silver jewellery. Silvostyle-Fashion Next aims to become a Design-first silver and fashion jewellery label which would bring innovations in jewellery manufacturing at pocket-friendly prices to attract millennials and a growing Gen-Z audience.
Explaining the importance of silver jewellery for daily-wear purposes, Dr. Gadgil said, “During the festive season, there will definitely be more demand for gold and diamond jewellery for festival related purchases. However, for regular and daily jewellery requirements that are trendy in nature, Silvostyle will be able to match the needs of our customers.”
Dr. Gadgil also emphasised on how silver jewellery has also emerged as a product that appeals to impulse buying. He said that while the customers may visit the store during the festive season to purchase gold or diamond jewellery, they would also end up buying silver jewellery on impulse. This would further mean a lot of potential for this category during the festive season and will also be a great product for festive gifting.
