Fashion jewellery brand Gargi by PNGS is doubling down on offline-led expansion and disciplined retail execution after scaling nearly 15x in three years, with plans to add 20 stores annually and deepen its presence across emerging markets, Aditya Modak, co-founder, Gargi by PNGS, told ETRetail.
“We started the brand in 2021 with a turnover of just Rs 8–10 crore, and we closed last financial year at around Rs 128 crore. This year, we expect another 25–30 per cent growth. We are profitable and PAT positive. We are delivering 20–25 per cent cash profits consistently,” he asserted.
Backed by the legacy and operational scale of P. N. Gadgil & Sons, the brand now operates nearly 110 points of sale across formats, including franchise, COCO stores, and shop-in-shop counters, with over 50 Shoppers Stop locations alone.
“We have built more than 100 touchpoints within four years with a clear focus on Tier II, III, and IV markets. Almost 95 per cent of our sales come from offline, and that is how we intend to grow because Indian consumers still want the look-and-feel experience before buying,” Modak said.
Gargi reported Rs 27.31 crore in Q1 FY26 sales with Rs 5.31 crore in net profit, reinforcing its retail-first strategy.
“Our performance is linked directly to retail execution rather than marketing-led growth. We are already present in nearly 20 cities beyond Maharashtra and will continue building markets across India,” he said.
The brand plans to close the current fiscal year with 20 new stores and maintain a similar pace annually.
“Expansion is the core focus now. Over the next three to four years, it will be about penetrating new cities and strengthening existing markets. North and West India, including Rajasthan, Gujarat, Madhya Pradesh, Delhi NCR, and Chhattisgarh, will be key focus areas,” Modak added.
With average store sizes of 500 sq ft and capex between Rs 30–50 lakh per outlet, the company runs both franchise and company-owned formats.
“Around 30 per cent of our stores are franchise-led, and the rest are COCO. Nearly 80 per cent of our investments over the next few years will go into store expansion and CRM-led backend integration,” he asserted.
Gargi’s product mix spans over 3,000 SKUs in sterling silver, 9-karat gold, and 14-karat diamond jewellery, supported by strong backward integration.
“Manufacturing control through our artisan network gives us a strong advantage in pricing and quality,” he concluded.
