Angara, a US-based fine jewellery brand, has entered the Indian market after expanding its presence in global markets like the US, UK, and Australia. It is eyeing India to become a Rs 1,000+ crore market for the brand by 2030, Ankur Daga, founder and CEO of Angara, told ETRetail.
In addition to its U.S headquarters, the brand also has offices and facilities in Ireland, Canada, and Thailand, and caters to over 1 million customers worldwide.
“We are entering India at a time when consumers are shifting away from conventional, mass-produced designs and embracing personalised, investment-worthy pieces that reflect their unique stories,” he asserted.
“India is one of the two largest jewellery markets globally, alongside the U.S. The jewellery market in India is growing at 10-15 per cent CAGR, and gemstone jewellery currently accounts for only 2 per cent of India’s market, diamonds 10 per cent, and the remainder is predominantly gold. We aim to grow gemstone jewellery to 20 per cent of market share in the next 10 years, aiming to own this category,” he further added.
The vertically integrated online brand will be betting big on its digital-driven approach and AI-driven recommendations, along with an omnichannel approach in India.
Almost 6 months back, the brand did a soft online launch in India, and its revenue during this period has already crossed Rs 10 crore. At present, it clocked 60 per cent of its sales from tier II-IV markets.
“We achieved contribution margin profitability within 2 months of the launch, and our average ticket size stood at more than Rs 50,000,” he asserted.
“Going ahead, we plan to invest $2 million in India to open 100 stores, factory set up, and inventory,” he further added.
These 100 stores will be a blend of company-owned and franchised outlets
The first store of the brand will be opening in Jaipur, spanning across 700-1,000 sq.ft, and the CAPEX will stand at approx. Rs 2 crore.
“After Jaipur, we will be opening stores in markets like Bengaluru, Mumbai, and Delhi, and post that we plan to penetrate deeper into tier II-IV markets,” he explained.
At present, 75 per cent of the revenue of the brand is contributed by the U.S., followed by the U.K., Australia, and Canada.
Globally, it has been growing 30 per cent year-on-year for the last 10 years and claims to be profitable for the last 15 years.
The bootstrapped brand crossed $10 million in revenue by 2016 and $100 million in revenue by 2021, and is targeting a $1 billion revenue globally by the end of the decade. India is expected to contribute 25–30 per cent of the global revenue of the brand by 2030–35.
“By 2030, online is expected to contribute 35 per cent of our sales and the remaining 65 per cent is expected to come from the offline channel. By 2035, we are eyeing a 50:50 split,” he stated.
Founded in 2005 by Indian-origin entrepreneurs Ankur and Aditi Daga, the brand carries forward their family’s 300-year legacy of gemstone expertise.
