Founded in December 2021, Gargi by P N G & Sons is a Pune-based jewelry company that believes in bringing out the best in a woman’s personality. The vision of Gargi is to make a woman feel beautiful by giving her choices like she likes and dressing her beautifully for any occasion. Gargi said that it wants to become one of the world’s most prominent trendsetters in the fashion jewellery segment. At Gargi, the goal of the jewellery pieces is not just to be decorative but also to tell a tale, attempting to craft original stories for each one.
It is said that the journey of a thousand miles begins with a small step. However, taking that first all-important step cannot just be random, and for a trusted and reputed brand, it is even more essential to understand the market trends, find out the gaps and then venture into it if there is a pressing need for the brand to do so! Addressing this particular market trend, PNG & Sons took a strategic decision to enter this market segment. However, deciding to join a specific business is just one-half of the story. With the changing trends in terms of fashion, the inclination of the new generation towards fashion jewellery over traditional gold and expensive metal jewellery is evident, so there is a definite market trend waiting to be capitalised explains the company.
While surveying the market, two prominent issues were identified: the quality of the products in this segment and their justified prices. PNG & Sons were confident enough to address both these concerns and offer the best products at the best prices in this new emerging market segment.
At Gargi, procuring good quality brass jewellery was the challenge initially, as several manufacturers produce a variety of qualities in the segment. Usually, shopkeepers prefer to have low-cost products rather than high-quality ones, and due to this behaviour, manufacturers too usually make low-quality products. After several discussions and countless failed prototypes, Gargi finally managed to identify the manufacturers who could provide the desired quality products regularly.
Gargi added that it deals in 92.5% certified sterling silver jewellery and best quality brass jewellery. The products are partly manufactured by artisans who work exclusively for Gargi and partially purchased from others. In addition to this, Gargi has several freelance designers to help keep designs relevant.
Gargi by P N Gadgil & Sons (PNGS) has experienced remarkable growth since its listing on the stock exchange in Dec 2022. The company says that it has set new standards for the fashion jewellery industry in India through its high-quality designer pieces, which are both affordable and unique.
It said that it has delivered over 1700% returns in the last 13 months. Today, the brand is present across 18 locations, strategically positioned across ten bustling metro cities and six states of India
Medianews4u.com caught up with Aditya Modak, co-founder Gargi by PNGS.
Gargi by PNGS operates in the highly competitive fashion jewellery market. Could you talk about your quality-oriented business model and how it gives you an edge?
At Gargi by PNGS, our quality-centric business model sets us apart. Our investment in cutting-edge CRM solutions ensures heightened customer engagement and satisfaction across all our stores. We empower customers with innovative technology like the Karatmeter, which helps them make informed gold purchase decisions. Our designs are meticulously crafted and reflect recent market trends and diverse occasions. Our specialization in handcrafted pieces guarantees precise replication of customer designs, showcasing our expertise in custom jewellery, which constitutes a significant portion of our sales.
With a heritage of six generations of jewellers, we have a team of artisans with over a century of combined experience, ensuring unmatched craftsmanship. Continual market exploration through visits to fashion stores, exhibitions, and international marketplaces keeps us abreast of industry trends, which we seamlessly incorporate into our designs.
Our unwavering commitment to R&D fuels constant innovation, while customer feedback drives production decisions, ensuring our offerings resonate with our target audience and cementing our position as leaders in the fashion jewellery segment.
Being a late entrant to this category what were the challenges that you faced and how did you tackle it?
We don’t feel we entered the market late; we entered at the right time, which worked in our favour. Our market study showed us a huge gap in the fashion jewellery market, and we saw the opportunity and entered into catering to the demand. We realised there are very few organized players in the market, and there is still a long way to go regarding market capitalisation.
According to the data, what is the customer looking for? Who is your TG?
Our target audience, primarily women, isn’t just seeking affordable and lightweight day-to-day fashion jewellery, they’re seeking a connection. They don’t just desire more options in jewellery, they’re looking for a brand that understands their preferences and caters to their needs.
This is why we continually expand our product range and introduce new collections every month. This isn’t just a strategy, it’s a commitment to our customers. It’s a way for us to ensure that our target audience always has a wide array of options that align with their preferences, keeping us competitive in the market and close to our customers.
Could you talk about the company’s products and how these will be expanded upon?
We are a gold, silver, brass, and diamond jewellery maker catering to all these segments in the jewellery market today. We recently launched our affordable luxury diamond jewellery collection with various options. These are available in the range of INR 5k to INR 50k but without compromising on the look or quality. They are lightweight and can be worn every day or for occasions. We plan to bring about more design options in this collection going forward.
Could you shed light on the brand culture at Gargi that focuses on celebrating individuality and self-expression?
At Gargi by PNG & Sons, our brand culture celebrates individuality and self-expression with a young, dynamic team in their 20s and 30s. We take a very youthful perspective to create a unique identity. Our young squad inherently understands the target audience’s needs and preferences, which helps us to engage and captivate their interest in the brand effectively. This approach ensures that Gargi and our offerings remain relevant, relatable, and resonant with our customers.
Where the whitespace for growth for the company? Is it tier two three and four towns and cities?
Our whitespace for growth lies in expanding into Tier 2 and 3 towns and cities. Initially, we focused on metro cities, launching in collaboration with Shoppers Stop in a shop-in-shop format and capturing regions in Maharashtra, Bangalore, and Hyderabad. The next strategic move is to target the youth in Tier 2 and 3 cities with a significant potential audience.
Could you talk about the company’s omnichannel marketing approach that integrates digital and conventional mediums?
We want to expand by opening a store every quarter, though many factors influence it. Finding the right location at a good rate in a prime area is key. While we aim to keep up this pace, each new store’s feasibility depends on the alignment of these factors.
We currently have 30 company-owned stores in Maharashtra, Gujarat, and Karnataka. In the future, we plan to expand online while traditional retail remains our main revenue source, and we will explore new regions like metros and tier-1 and tier-2 cities.
We will move to a cookie-less world. How will companies like Gargi adapt to this?
Conventionally, Gargi has been more of an offline than an online store. Hence, we have not had to deal with this as much, but now that our focus shifts more to the online medium and we are apprised of the situation, we will plan accordingly.
How do you measure the effectiveness of marketing activities?
We measure the effectiveness of our marketing activities through various means. Firstly, our marketing team actively visits fashion brand stores, exhibitions, and marketplaces in India and abroad, particularly in jewellery. We integrate insights from these interactions into our designs, ensuring they align with industry events and emerging trends. Additionally, our dedicated research and development team continuously innovates in this space.
Customer feedback plays a significant role in our evaluation process. Positive feedback indicates successful engagement, prompting us to move forward with production. Conversely, if certain jewellery designs fail to resonate with our target market, we swiftly cease production or initiate improvements.
We also employ WhatsApp marketing as a key strategy, leveraging its direct and personalised communication capabilities. This approach allows us to tailor messages to individual preferences and interests, delivering precise and timely information that resonates with our audience. By prioritising meaningful customer relationships through real-time conversations and personalised recommendations, WhatsApp marketing remains a cornerstone of our CRM strategy.
What role does AI play for Gargi, from product development to marketing?
AI is unavoidable, and we are currently exploring ways to use AI for our brand. We may explore AI for designs, strategy, etc., in the future, and we are definitely open to exploring more opportunities as we go along.
How important is word of mouth in driving sales and in terms of long-term brand building?
Word of mouth is paramount for Gargi and is the biggest driving factor in sales and long-term brand building. As an offshoot of the esteemed 200-year-old brand PNGS, Gargi inherits a significant portion of its parent company’s brand value.
This association automatically instils trust and perception of quality among consumers. Word of mouth spreads positive experiences and perceptions, affirming the brand’s commitment to quality and reliability. This organic endorsement from satisfied customers is extremely valuable for us.
