Amazon has hired former Tara Jewels executive director and CEO, retail, Vikram Raizada as director, category management, to head its jewellery segment, even as online retailers continue to sniff a plethora of opportunities in the high-margin fashion, lifestyle and accessories segment. The segment is poised to become a $2.8-billion business by 2016.
Raizada, who is based out of Mumbai, is expected to split his time between Mumbai and Bangalore, which houses Amazon’s India headquarters. At Amazon, Raizada will report to Vikas Purohit, who heads the e-tailer’s fashion business.
“Vikram Raizada will lead the jewellery category, both fine and fashion, and will report to Vikas Purohit who heads the Amazon fashion business,” an Amazon spokesperson confirmed to FE.
Amazon has over 1,200 jewellery brands listed on its online marketplace, including Gitanjali, Asmi, D’damas and Nakshatra, among others. Besides, prominent online jewelry e-tailers Caratlane, Bluestone and Youshine sell on Amazon. The e-tailer recently added a precious jewellery segment to its assortment.
A report by global management consulting firm AT Kearny has pegged the domestic gems and jewellery market at R2,51,000 crore in 2013, projected to touch R5,00,000 crore by 2018. The online jewellery space, which is less than 1% of the overall jewellery retail segment, recently generated ample interest among investors, with even Ratan Tata, chairman emeritus of Tata Sons, buying into Bluestone.com, which has so far raised $15 million in funding. Caratlane.com, another prominent player in the space, has so far raised $27 million.