MD India, Platinum
How does Evara Platinum constantly generate the trust with the consumer according to the mission and the values of the brand?
Platinum holds an emotional significance as it symbolizes “pure love”. The metal lends itself to certain qualitative attributes which have stood the test of time- rarity, purity and preciousness. Every piece of Platinum Evara jewellery is 95%pure platinum, the highest standard of quality in the industry that comes with a mark of purity – the PT 950 mark and a quality assurance card. So, the trust in platinum that has been established over the years, naturally transcends into the trust for Platinum Evara.
What are top most challenges in the Indian jewellery market?
Young consumers today are spoiled for choice and categories like technology, fashion, travel compete for share of wallet. What’s also challenging is reaching out to this young consumer with their limited attention span considering we are in the age of smartphones and multiscreen media consumption. Thirdly, the jewellery market in India is quite mature. However this is also an opportunity for us as India has a strong jewellery culture and there are many occasions where jewellery is the best expression of love and social statement. Also the jewellery retail # VAISHALI BANERJEE industry that has been transforming towards modern retail formats has opened up great opportunities and growth prospects for platinum and Evara.
How does the brand Evara hold its legacy and maintain its market position with regards to the competition?
The brand was created to tap into an unmet consumer need. Where jewellery in India has always been about duty and tradition, platinum has created a distinct space for itself by gaining relevance as a symbol of love. Platinum has always looked at a progressive discourse that is aspirational, yet relevant to the young consumer, which is the core target group. The essence of Evara is of love that is equal and inclusive. Today, marriages are a celebration of love and coming together of families and forming new relationships. Evara taps into the uplifting love and emotion that forms new bonds.
The brand is also reflective of the changing consumer design preferences. There is a strong desire for Platinum among the young consumers, they want platinum for its modern elegant designs and as a symbol of love. Platinum Evara designs are elegant and versatile, with the design language minimalistic & clean.
With the epitome growth of the jewellery industry in India .What are the key strategies, Evara is opting to stay as the market leader?
We have built a market for platinum in India on the back of emotional, image and product differentiation. The young consumer today is seeking jewellery that is meaningful and reflects their self-image. Platinum Evara fulfills this need. It is geared to fuel desire and deliver on the design expectation of the young bride to-be. As a metal, platinum owns the gift of love segment and we will continue to build our equity in this space by building meaning in every piece of jewellery.
For the mother, a key decision maker in the wedding jewellery purchase, it is important that we build knowledge of the metal – Platinum is one of the purest metals in jewellery with 95% purity, it is 30 times more rare than gold and is the most secure setting for all precious stones. As a metal, platinum ticks all boxes on quality – a key driver for purchase for the mother.
What is the unique factor that differentiates Evara from other jewellery industry participants?
Platinum Evara symbolizes “blessings of pure love”. Love is at the heart of every Evara design, and the unique differentiating factor is the ‘Platinum Bond’ that holds together multiple strands, symbolic of the coming together of two families to create a beautiful, new relationship. Platinum Evara designs are elegant and understated elegance speaks volumes of one’s personality. Platinum imbibes this minimalistic virtue with its clean design principles and unique outlook that sets it apart.
The positive market indicators including the brand awareness, market share and profit margins of the company depicts the success of the brand itself. How challenging has the journey been for the brand?
Platinum Evara is still in its launch phase but we foresee a very positive growth chart for the brand. The brand which was launched in 2015, was conceived as a result of the new social & cultural dynamics in the Indian wedding scenario and growing desire for platinum among the youth was a positive indication to venture into wedding jewellery. Within the short period of the launch, Platinum Evara has built a significant awareness among the younger audience with total unaided awareness at 58% and disposition at 31% which is very significant for a new brand in a very mature category.
One of our key challenges has been building credibility with the mothers’ target group. They did not have adequate knowledge of the metal. However our opportunity lies in platinum’s core strength of being the purest, most precious in jewellery, which addresses her key requirement of being assured of the quality of the metal she’s buying into.
There have been external challenges as well. The industry has overall faced a difficult 2016. However, we have a long term view on the brand and the intrinsic strength of the brand will overcome these challenges.
What is your prime focus for retaining customers?
Gifting jewellery at the time of the wedding is a timeless tradition in India. Platinum Evara is positioned as a blessing of love from the parents and elders at the time of the wedding. As a symbol of love and the choice of modern bridal couple, we will continue to build desire with contemporary designs juxtaposed with an underlying emotional connect. Building knowledge for platinum will be imperative to drive disposition among the mothers.
How do you see the brand in next 5 years?
Platinum Evara has managed to generate significant awareness and desire among the young consumers within a year of its launch. We expect the awareness and desire to deepen among the core target consumer and to lower the knowledge barrier among the mothers. Platinum jewellery for wedding is a significant behavior change in the Indian context. We expect the brand to gain share in the wedding jewellery segment among SEC A and build a core franchise for platinum jewellery.