QWEEN, the jewellery brand backed by a Rs 1,000 crore investment round led by diamond major Rosy Blue and Japanese luxury jeweller Kashikey Co. Ltd, is targeting Rs 100 crore in revenue this fiscal year as it prepares to expand across India, with a focus on tier I and tier II cities.
The brand has launched its first store in Noida and plans to open its second in Delhi next week, followed by a third in Bengaluru within a month. With funding to support at least two years of expansion, QWEEN is positioning large-format retail, digital discovery and technology-led shopping as key pillars of its growth strategy.
“We are starting with three stores. The idea is to expand all across India, mainly in tier I and tier II cities to start with,” said Amit Kumar, CEO and co-founder, QWEEN.
The company expects its stores to break even in six to eight months. Its outlets span upwards of 6,000 sq ft, reflecting a retail model that seeks to make jewellery shopping more experiential and consumer-led.
“Over the last 30-40 years, retail experience in categories like fashion and cosmetics has become more experiential, and the consumer is in charge of everything. However, in jewellery, age-old practices are still followed. This is the only retail where the consumer is not in charge, and the brand is in charge,” Kumar said.
The founders believe this creates an opportunity to change how consumers discover and shop for jewellery. QWEEN is building its proposition around retail experience and product storytelling, with the aim of positioning itself as a bridge-to-luxury brand.
“We felt that if we take retail experience and product experience together, and create a brand that stands for both, it can create a very beautiful brand,” Kumar said.
The brand currently offers more than 3,000 stock-keeping units across plain gold jewellery, diamonds and gemstones, including over 50 types of gemstones. Its catalogue is available online as well as in stores, with digital channels playing a central role in customer discovery.
QWEEN’s omnichannel strategy is built around consumers who increasingly discover brands digitally before making a purchase. Suyash Motarwar, co-founder and CTPO, said technology remains a relatively underused lever in the jewellery industry.
“Jewellery is one of the oldest industries in the world, but we have seen the least application of technology. We are building an omnichannel jewellery experience,” he said.
After around two months of operations, the brand’s average order value stands at approximately Rs 1.35 lakh in offline stores, compared with Rs 45,000-50,000 online. The company sees its online channel as an important entry point for consumers discovering the brand, while its physical stores provide a larger-format shopping experience.
“Online is becoming a discovery channel for us,” Motarwar said.
The Rs 1,000 crore investment round provides QWEEN with capital to fund its near-term expansion plans as it builds its store network and develops its omnichannel presence. The company is looking to establish its position in the bridge-to-luxury segment by combining a wide product assortment with an experiential retail format.
