Online jewellery store Bluestone, which had recently secured a personal investment from Tata Group chairman emeritus Ratan Tata, is planning to adopt a hybrid business model soon with the launch of physical stores. The e-tailer is likely to start by setting up stores in major cities, said co-founder and CEO Gaurav Singh Kushwaha.
Kushwaha said though finer nuances of opening the offline stores are being worked out, the outlets will be highly driven by technology. “It will be entirely different from the normal stores you have experienced so far,” he said.
Though the website has received tremendous response, Kushwaha said an offline presence will be key to push and promote the brand since the conventional jewellery buyers, unlike youngsters, still hasn’t gone the online way. Since Bluestone has its own manufacturing plant in Mumbai, it will be much easier to deliver orders in three days, Kushwaha said.
“Another advantage of having our own production facility was that it will wipe out the unwanted inventory as we will be making goods as only against the orders received. Besides, we will be able to keep a check on design and quality as well,” he said.
Bluestone expects to generate revenues of Rs 100 crore this year, up from Rs 25 crore it had logged last year. Kushwaha, however, refuse to divulge details on Tata’s investment, but clarified that Tata was not on the company’s board.
Bluestone was launched in April, 2012 and offers jewellery, gifts and gold coins. The company has so far raised at least $15 million from Accel Partners, Kalaari Capital and Saama Capital and ships orders to the US, the UK, Australia and Canada. Kushwaha said since the company is preparing to launch physical stores, it may require to raise more capital.
“I am in talks with PE funds,” he said without divulging more.