PNG Jewellers is planning to expand its silver jewellery brand ‘Silvostyle Fashion Next’ across India and eyeing sales of Rs 100 crore ($12.6 million) over the next three years.
The company plans to launch its silver jewellery brand across 35 stores of PNG Jewellers in a shop in shop model, an e-commerce store as well as exclusive boutiques.
Silvostyle’s product categories include necklaces, pendant sets, stackable rings, bracelets, charms, earrings among others and targeting millennials, Gen-Z audience to drive its sales.
Commenting on the expansion, Saurabh Gadgil, chairman managing director of PNG Jewellers in a statement said, “Silvostyle – Fashion Next, is a rejuvenation of the original Silvostyle brand to sync in with today’s post pandemic era. It will cater to a large cosmopolitan diaspora across the globe with offerings that are fashionably edgy, trendy and in line with global tastes in jewellery. We are looking forward to rolling out these new products across all PNG Jewellers stores in India, Dubai, and USA.”
“We will also be opening exclusive Silvostyle – Fashion Next boutiques to provide our young clients with a discernible jewellery shopping experience. Silver as a category is in great demand and we believe we have the right product to meet the market needs of today,” he added.
PNG Jewellers has a strong presence in western India with numerous stores in cities including Pune, Mumbai, Shrirampur, Goa, Nanded, Baramati, and Latur, among other locations. The business also retails from its e-commerce site.
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