Jewelsnext.com aims to cross Rs 100 crore sales in 12-18 months
NEW DELHI: Jewellery portal Jewelsnext.com is targetting to increase its turnover by five-fold to Rs 100 crore in the next 12-18 months on the back of expansion of its sourcing base across the country.
To meet its target, the e-commerce firm is also ramping up its manpower strength by nearly five-fold to 250.
"Jewellery shopping through online media is a very new concept and it has a huge potential. Currently we are selling around 25,000 designs of 100 retailers through our site. This number will go up many fold after we reach our target of representing 500 retailers,"Jewelsnext Media Pvt Ltd Chief Executive Officer Gaurav Issar told PTI here.
The company, which started its operations in October 2011, is aiming to expand its product offering by representing 500 retailers in the next 12-18 months, he added.
Jewelsnext.com is currently in talks with many big entities, including Tanishq and PP Jewellers, to bring them on board for selling their products, he said.
When asked about its revenue target, Issar said: "Our aim is to cross Rs 100 crore sales in the next 12-18 months. We are hoping to close the 2012-13 financial year with a turnover of Rs 20 crore."
Besides the domestic market, Jewelsnext.com caters to orders from overseas locations such as the US and Europe. Exports are likely to contribute around 30 per cent of its total sales in the next 12-18 months, he added.
On its hiring strategy, Issar said the company will increase its employee strength to around 250 from the current 55 people across all verticals such as HR and business development.
Issar further said the company will invest Rs 5-7 crore in next fiscal on various activities, including marketing and promotion, business development and operational costs.