Solitario is ramping up expansion with plans for new outlets as it targets over Rs 200 crore in revenue this fiscal year
Lab-grown diamond brand Solitario is gearing up for a retail expansion in India and overseas with a target of crossing Rs 200 crore in revenue in the current fiscal year (FY26). After nearly doubling its topline year-on-year (YoY) from Rs 22 crore in its first year to nearly Rs 100 crore, the firm is now eyeing to open 50 exclusive brand outlets (EBOs) and more than 100 shop-in-shop (SIS) formats in the coming months, even as it explores another funding round ahead of a potential initial public offering (IPO).
“Our first year was Rs 22 crore, we doubled it to Rs 50 crore. From Rs 50 crore, we reached almost Rs 100 crore. I want to continue that trend and double it to over Rs 200 crore this financial year,” Ricky Vasandani, Founder and Chief Executive Officer (CEO) of Solitario, told BW Retail.
Update Around Going Public
Emphasising that it was hard to commit to a date when it comes to going public, the CEO explained that the brand’s first round was good, and they expanded by adding four shops and about 10 SIS. Vasandani added that the brand might do a round before the initial public offering (IPO) as it continues to expand.
“What we raised was good enough, and we are still expanding. Maybe in a couple of months, we will expand more and will raise some more money,’ the CEO noted, while adding that the funds are entirely used for the expansion purpose.
Transition To Lab-grown Diamonds
The foundation of Solitario as a brand is traced back to a moment during the Ukraine-Russia war when the global supply chain for natural diamonds was disrupted. Vasandani was into natural diamonds when he came back to India about seven years ago.
“When war started between Russia and Ukraine, and there was a shortage at that time of natural diamonds, the price was going haywire. In 2022, natural diamonds went up by 30 to 40 per cent,” he noted.
Vasandani highlighted that there are quite a few similarities between the two segments when it comes to the chemical composition and optical composition. “I also realised that the machinery of natural diamonds is the same machinery for lab-grown diamonds. When it comes to cut, polishing, and the artisans and the craftsmanship, it was the same,” he noted.
The Differentiating Factor
Emphasising that it is a luxury product when it comes to design, Vasandani noted that now brands like Cartier and Tiffany are doing jewellery as well, like your jeweller across the street, which he referred to as lala shops. He explained that the main difference between them lies in finishing, craftsmanship, and gold colour.
“We have catered to a different type of society, a society which likes big stones and likes buying luxury. That is why we have shopping centres. Now, we are opening high street. We try to create that luxury feeling in India, and be the first global brand. Today, lab-grown companies are in India, but to my knowledge, most of them are only based in India. Today, we are placed in about 50 shop in shops around the world,” Vasandani highlighted.
In addition to the Dubai stores, the brand is expanding into the international market. Vasandani stated that they are currently opening in Starhill, Malaysia, where it is located next to Rolex and Cartier.
Evolving Indian Consumers
Vasandani explained that when it comes to Indian consumers, they enjoy the luxury, and they like spending money that they can spend. He noted that they are not trying to save up for a whole year to go and buy one stud.
“What I have noticed is that Indian consumers have understood that when it comes to jewellery, it is not only an investment, it is something that you call ‘feel good about buying’. In India, it was always about gold price going up, diamonds appreciating, but diamonds do not appreciate that much. Mutual funds, stock markets are much better places to invest than jewellery,” he explained.
Scaling The Business Online
While noting that the brand offers 100 per cent upgrade facilities when it comes to upgrades, the Founder stated that if all goes well, they are looking at going online. Vasandani told BW Retail that they want to be the Blue Nile of India.
“If everything goes right, we are looking at launching online, which is something that took me three years to do. I want to give that experience of buying online, but with a completely different experience in India. I want to be a blue Nile of India where you can see how a ring looks on you before you buy it. You can see how a size looks while you are buying it,” he noted.
Control Over Manufacturing Process
Noting that the brand has outsourced its factories, the CEO explained that they let the professionals handle the manufacturing because one cannot be in everything. “At Solitario, we do what we do best, which is creating a brand and giving the service to the end client,” he added.
“You have to select where you want to be. Where I want to be is in the retail space, going to the end consumer. But at the same time, I want to control my manufacturing. That is why I have outsourced a few factories to take care of that,” the CEO highlighted.
