In an interview with BW Retail World, Rupesh Jain says that jewellery consumption in India is evolving, with consumers becoming more thoughtful and value-driven in their purchase decisions
On the back of an omnichannel growth model that blends strong online discovery with offline conversion, Lucira, a design-first fine jewellery brand is eyeing to cross Rs 100 crore topline in the next three years, a top company official said.
In an interview with BW Retail World, Rupesh Jain, Co-founder, Lucira, noted that the company is currently focusing on company-owned-company-operated (coco) stores, while the next phase of expansion will include franchise outlets and marketplaces. He added that jewellery consumption in India is evolving, with consumers becoming more thoughtful and value-driven in their purchase decisions. Edited Excerpts:
How do you plan to deploy the USD 5.5 million seed funding across retail expansion, digital capabilities and new product lines over the next 12 to 18 months?
Our 60 per cent of the capital will be used for the retail expansion. 20 per cent of it will be used for the entire digital experience and the team that we are creating. And the rest 20 per cent will go in the marketing and the brand building side of it.
Which distribution channels are you prioritising to scale the brand in India and internationally?
For us, phase one was our own direct-to-consumer (D2C) channel that is completed. Our phase two is our own company-owned-company-operated (Coco) stores that we have started. We have already opened two stores and third store is in progress.
Our third stage of progress would be franchise stores and marketplaces, where we will start working. In 2026, these two more channels will get activated for us where we will start working with few franchisees and we will also start working with few marketplaces like Amazon and eBay where the brand will be available as a distribution channel. We may also enter into quick commerce after all these four channels get stabilised for us.
What key trends are you seeing in consumer adoption, pricing sensitivity and design preferences and how do you expect these to evolve over the next few years?
We have seen one clear thing that consumers in India definitely are evolving. They are reading a lot, consuming the content a lot now. Now, the consumers are well educated in terms of what they are buying. They know before coming to the store what is their budget, what is the design that they want and they are coming to the store for buying.
The discovery is happening online through Instagram or Meta or they are reading a lot of blogs or they are listening to a lot of podcasts on Spotify. These are the changes that we have seen. Prior to this, the major consumption were only happening through paper or TV ads but now the consumption of the entire content has gone up very high.
Quick commerce is gaining traction for even high-value categories like gold jewellery, but concerns remain around trust. Do you see consumers adopting this channel at scale and is this model sustainable in the long run?
You will have to simplify designs for the consumers. Whenever it is going to be very heavy on decision, those categories will not do very successfully on the quick commerce. But if it is a standard product then it is going to do a very great thing on quick commerce also.
For example, gold coins definitely will become a big category there. If it is a simple pendant that you make for the consumers with a single solitaire in it, then it becomes a more standard product. These are some standard products that we will have to define and design so that consumers do not have to think before that they are buying. They already know the look of it, they already know the tentative price points of it and for them it has to be very simple buying only for some of their occasion or the party that they want to go.
*What are Lucira’s revenue targets over the next two to three years?*
In next three years we are eyeing a top line of Rs 100 crore. This year we may close at Rs 5 to Rs 6 crore as our top line. Next year, we intend to do approximately Rs 20 to 5 crore and then from there how can we reach Rs 100 crore will be on our cards. Our own D2C channel and the offline stores will see maximum traction. Marketplaces will help us in few stock-keeping units (SKUs) and designs where they can help us in terms of scaling.
Having built Candere earlier, how is your strategy with Lucira different, particularly in balancing online discoverability with offline retail touchpoints in the fine jewellery segment?
The strategy is going to be very different because we started Candere back in 2012, whereas Lucira was started in 2025. Consumers have evolved a lot. Covid has already hit the world in that phase and a lot of people have changed their thought process. In terms of our current strategy, we are very clear that we will have a lot of online discoverability for the consumers who can see the products, view the products. They can also do a lot of customisation online with respect to 18 carat, 14 carat or even white gold, yellow gold. They can change the size of the diamond. A lot of knowing about the brand can happen in the online and transactions will keep happening in the offline world.
Once you are comfortable and you know everything about the brand, then you can come to the nearest store and the transaction can happen. Our process is simple, how do we integrate the online and offline together and build a robust omnichannel brand for the country.
In 2026, what shifts do you anticipate in occasion-led jewellery consumption, based on evolving consumer behaviour and industry trends?
India loves jewellery as a part of their daily tradition that is going to be very important. On top of that, anniversary is going to be a big gifting part now where people who want to really spend anywhere between Rs 50,000 to Rs 1 lakh, how can jewellery become an integral part in that particular gifting occasion because you are definitely gifting your loved ones in that particular occasion and that is the moment that you really want to celebrate well with your partner. That is the biggest thing that we will see.
The second trend that we are seeing is a lot of people are buying for their self-consumption and a lot of females specifically are buying for their day-to-day office wear and their normal evening parties where they are travelling. There are two major trends that we are seeing where people really want to consume jewellery a lot.
Is there anything you would like to add on Lucira’s vision or growth journey that we have not covered?
The entire consumption pattern across India is changing in terms of jewellery. People are being more meaningful when they are buying jewellery. For them price points are important but with price points they are also seeing whether the brand is doing right kind of things for the nature, for people, for the planet or not.
That is also becoming an integral part of the thought process. In next three to four years, we will see lot of brands being built on sustainability as the major pivot channel in the country and that is where the narratives will get changed for even the bigger brands.
