The brand is gearing up to aggressively scale its business to become a USD 250 to USD 300 million enterprise over the next three to four years
Divine Solitaires, a loose solitaire brand focused on natural diamond solitaire jewellery, has opened its first round of seed funding seeking an investment of USD 10 million. The Mumbai-based company is gearing up to aggressively scale its business to become a USD 250 to USD 300 million enterprise over the next three to four years.
The brand aims to allocate 60 per cent of the funds raised in brand building and awareness, with the balance capital invested to support working capital optimisation, information technology (IT) infrastructure and team expansion.
“In India, the solitaire diamond jewellery market, is currently estimated to be around Rs 25 to 30,000 crore, and is also the highest growing segment in the jewellery industry with around 10 to 12 per cent category growth YoY. As the only focused brand in this category, we aspire to be the undisputed leaders by covering at least 20 to 25 per cent of this market share in the next five to seven years,” stated Jignesh Mehta, Managing Director and Chief Executive Officer (CEO), Divine Solitaires.
Divine Solitaires has improved its profitability by more than 30 per cent over the previous years by improving operational and inventory efficiencies. The official statement added that the brand has a sales-to-stock ratio of 3.5x. The order value at Divine Solitaires ranges from Rs 25,000 to Rs 80 lakh and above, but a bulk of the orders fall within the Rs 75,000 to Rs 5 lakh range.
Divine Solitaires products are currently available at 215 stores across 108 cities pan India. Though the brand offers omnichannel touchpoint, almost 95 per cent of business is conducted offline at partner stores.
