Jewellery retailer Joyalukkas, which competes with brands like Titan and Kalyan Jewellers, plans to launch an online-only jewellery brand by FY26, targeting the growing base of younger consumers shopping online, chairman Joy Alukkas revealed in an interaction with FE.
The Kerala-based Joyalukkas, which recently relocated its headquarters to Bengaluru, will be the third major offline player after Titan and Kalyan Jewellers to focus on millennials by offering trendy diamond-studded jewellery through an online platform. Industry estimates value India’s online jewellery market at around $1 billion, with projections suggesting it could triple to $3 billion in the coming years.
Unlike Titan and Kalyan Jewellers, which entered the online jewellery market through acquisitions—buying brands like Caratlane and Candere, respectively—Joyalukkas intends to pursue organic growth for its online expansion.
The new online brand from Joyalukkas will feature daily wear jewellery priced between Rs 20,000 and 40,000, with collections frequently updated to reflect current trends and tastes, according to Alukkas. The company plans to leverage its in-house design expertise to develop collections, focusing primarily on 18-carat diamond jewellery.
“The plan is to target metro and tier-I markets, where the density of working professionals is higher. We will expand into more markets later and also look at an offline foray with smaller stores that can be rapidly scaled up,” Alukkas said.
The Joyalukkas group, which closed FY24 with a turnover of Rs 24,830 crore—a 15% growth compared to FY23—is aiming to increase its revenue from diamond jewellery to 24% over the next four years, up from the current 19%. The new online-only brand is expected to play a key role in achieving this target. Additionally, Joyalukkas plans to increase the number of diamond jewellery counters in its offline stores, expanding coverage to 40% of its total showrooms from the current 30% over the next few years.
“We are currently working on the name for the new online jewellery foray. While we are open to acquisitions, we believe we can utilize our in-house expertise to develop this venture,” Alukkas stated.
Joyalukkas also plans to open 60 new offline stores over the next three years, primarily in northern and western India, aiming to increase revenue from non-southern markets to 25%, up from the current 15%.The jeweller currently operates over 100 showrooms, including 59 stores outside of India. In addition to its presence in southern states, Joyalukkas has stores in regions such as Punjab, Delhi, and Maharashtra.