Myntra forays into fine jewellery with introduction of Mia by Tanishq
26 May 2016
Myntra, an online retailer of fashion and lifestyle brands, has entered into an agreement with Tanishq to retail its brand of jewellery, Mia. A growing segment, Myntra expects Rs500 crore of revenue from jewellery segment by FY 2019.
Mia by Tanishq is collection of work-wear jewellery designed especially for the modern working women, including earrings, rings, bangles, pendants and bracelets and will be available on Myntra, ranging from Rs3,000 to Rs50,000.
''The introduction of fine jewellery on our platform is an important step for the next phase of our growth and we will soon be a major online destination for purchasing jewellery. Tanishq is a brand that consumers admire and we believe Mia's fabulous collection will be loved by women shoppers across the country,'' said Prasad Kompalli, head, e-commerce platform at Myntra.
In addition to offering fine jewellery to consumers, Myntra is retailing costume jewellery both by popular brands and in-house brands and designer jewellery by boutique brands. Currently, Myntra hosts over 40 fashion jewellery brands.
With introduction of a wide collection of curated styles and designs, Myntra aims to appeal to a wide range of customers.
''Mia by Tanishq, a fine collection of work wear jewellery designed especially for the working woman will now be available to Myntra shoppers. With this association we hope to widen our reach and cater to a larger audience of working women who are increasingly shopping online,'' Deepika Tewari, general manager - marketing, jewellery division, Titan Company, said.
India is the leader in gold jewellery consumption by volume, with the overall jewellery category ranging at Rs1,00,000 crore, of which 80 per cent is contributed by the fine jewellery category. Around 2 per cent of the overall jewellery market in India is retailed online.