“The timing is perfect,” says Sandeep Kohli, CEO of Indriya, arguing against any suggestion of being a late entrant in the jewellery market. He says Indriya has swiftly established itself in the industry by combining innovative retail approaches with a keen understanding of consumer preferences. In this interview, Kohli talks to Pallabi Dey Purkayastha about what it takes to stand out in a rapidly crowding category. Edited excerpts:
With the Aditya Birla Group’s significant Rs 5,000 crore investment in Indriya, what are the core goals and expectations for this brand in the coming years? How soon do you envision profitability?
Our goal is to establish Indriya among the top three players in the organised jewellery industry. This sector contributes nearly 7% to India’s GDP, and as India moves towards becoming a $10 trillion economy, jewellery will play a significant role. Beyond profitability, we aim to bring freshness to this traditional industry, delighting consumers with innovative designs and experiences. The jewellery industry has immense untapped potential, and we believe Indriya can be a catalyst for further transforming this space. While other players have done remarkable work in organising the industry, the time is ripe for a player like us, with scale and vision, to further elevate it. We are also committed to building a strong brand identity and customer loyalty, which will ensure sustained growth and profitability over time.
Some critics might say that Indriya is 20-30 years late to the market. How do you respond to that?
The timing is perfect. The Indian consumer has evolved significantly over the past two decades, as have design sensibilities and media landscapes. We see an opportunity to cater to this new-age consumer with contemporary practices, innovative designs, and a refreshing jewellery-buying experience. Our entry is designed to serve this dynamic market effectively. Additionally, the market itself has matured, with a clear shift toward organised players who can offer quality, trust, and a superior customer experience. This is precisely where Indriya fits in. We are not just entering the market; we are reimagining it for today’s discerning customers who seek both tradition and innovation in their jewellery.
Why was Indriya placed under the Aditya Birla Group and not Aditya Birla Fashion and Retail (ABFRL)?
Jewellery is quite different from the predominantly garment-focused fashion business of ABFRL. The industry’s nuances—from processes to retail practices—necessitate a dedicated focus. Separating Indriya ensures ABFRL remains focused on its strengths while we can build this business from scratch with undivided attention. Jewellery demands a unique approach, from sourcing and crafting to marketing and customer engagement. By positioning Indriya directly under the Aditya Birla Group, we have the freedom to tailor strategies that align with the specific needs of this industry. This structure also allows us to leverage the group’s extensive resources and expertise while maintaining a distinct identity.
Indriya launched four stores in a single day across four cities, marking rapid expansion. What was the strategy behind this, and how has the response been?
Our ambition to scale rapidly and become a top player drove this decision. Launching in three cities with four stores allowed us to gather early consumer feedback. The response has been overwhelmingly positive, boosting our confidence. Today, we’re present in 11 stores across seven cities, and our expansion plans remain robust. By launching multiple stores simultaneously, we demonstrated our commitment to the market and created a buzz around the brand. This strategic move also allowed us to quickly test different formats and consumer preferences, enabling us to refine our offerings as we expand further.
Indriya’s stores are 30-35% larger than most competitors. What experience are you aiming to create with these sprawling formats?
Through extensive consumer research, we identified unmet needs. Our stores offer a larger assortment than competitors, ensuring customers have ample choices. Buying jewellery is akin to a fine-dining experience—it’s thoughtful and deliberate. Spacious layouts provide comfort, and dedicated areas like bridal lounges enhance the experience. We’ve also integrated cutting-edge technology to streamline selection and purchase processes, making the entire journey seamless and enjoyable. Additionally, the expansive format allows us to showcase thematic collections and offer exclusive experiences like private consultations and bespoke services, ensuring every visit feels special.
Can you elaborate on the role of technology in Indriya’s stores?
Every jewellery consultant is equipped with a tablet to assist customers with information, selection, and purchase. This removes friction from the buying process, enabling informed and mindful decisions. We also monitor and optimise the time from selection to billing to ensure efficiency. Additionally, our in-store stylists leverage technology to offer personalised recommendations, enhancing the overall experience. Beyond this, we are exploring innovations such as augmented reality for virtual try-ons and AI-driven tools to predict customer preferences, ensuring a cutting-edge retail experience.
Many Indian consumers remain loyal to traditional mom-and-pop jewellery stores. How does Indriya plan to convert these customers?
Consumers choose based on experience, product, and value. Our contemporary designs respect traditional craftsmanship while appealing to modern tastes. We’ve invested in training our jewellery consultants through a bespoke three-week programme focused on jewellery knowledge and styling. Coupled with the trust of the Aditya Birla Group, we offer a compelling proposition that keeps customers coming back. Moreover, we are building relationships through community engagement, localised marketing efforts, and loyalty programmes that resonate with both new and seasoned jewellery buyers.
With 15,000 curated pieces and over 5,000 exclusive designs, how does Indriya plan to innovate and refresh its collection in a fast-evolving market?
The response to our designs has been exceptional, motivating us to innovate continuously. We aim to refresh our collection every 45 days. Our in-house design team, equipped with advanced technology, is closely aligned with regional and global trends, ensuring our offerings remain fresh and relevant. Additionally, we collaborate with artisans across India to infuse traditional craftsmanship with modern aesthetics, creating a unique blend that appeals to a diverse customer base. Innovation for us extends beyond design to include sustainability, with a focus on responsibly sourced materials and eco-friendly practices.
Indriya operates a mix of standalone stores and mall locations. Will this model continue, or do you foresee changes?
Our strategy is to be where consumers buy jewellery, which often means high streets or jewellery hubs. While discovery happens online, most purchases occur offline. We’re focusing on creating exceptional offline experiences while leveraging online platforms for discovery. Omni-channel is not a current priority but will be considered in the next three to five years. This hybrid approach allows us to adapt to customer behaviour and market dynamics, ensuring we remain accessible and relevant to our audience.
What key differentiators will help Indriya compete with established players and achieve its goal of being among the top three?
Design is our primary differentiator. We blend traditional Indian craftsmanship with contemporary styles to appeal to modern consumers. Our stores offer a unique, luxurious experience, distinct from conventional jewellery outlets. Beyond that, the trust and credibility of the Aditya Birla Group give us a solid foundation. Indriya celebrates a woman’s love for jewellery and aims to make every piece a cherished possession, not just an occasional gift. Additionally, our focus on customer experience—be it through personalised consultations, exclusive designs, or seamless technology integration—sets us apart in a competitive landscape.
Some may perceive Indriya as a brand catering only to the affluent. How do you address this perception?
While we aim to offer premium experiences, our price range is inclusive. We want to make exquisite designs accessible to a broad audience without compromising on quality or experience. Indriya is for anyone who cherishes jewellery and values design, trust, and craftsmanship. By offering a diverse range of collections at varying price points, we ensure there is something for everyone, from first-time buyers to seasoned collectors.
Looking ahead, what’s next for Indriya?
Our journey has just begun. We will continue expanding across India, innovating in design, and enhancing customer experiences. In the coming years, we plan to strengthen our offline presence, introduce new collections regularly, and eventually explore online sales. Our ultimate goal is to redefine jewellery retail and become a cherished brand for all Indians. As we grow, we also aim to set benchmarks for sustainability and ethical practices, ensuring that our success contributes positively to the community and the environment.