‘Businesses living with old notions will have to change, demi fine jewellery here to stay': Shraddha Kapoor
Amol Patwari and Pallavi Mohadikar launched Palmonas as a modern style jewellery brand and onboarded Bollywood actor Shraddha Kapoor as a co-founder in 2023.
With a strong customer base comprising of Gen Z & millennial Indians, it aims to make premium jewellery more affordable and sustainable.
Palmonas recently secured a Rs 1.26 crore investment at a valuation of Rs 126 crore from entrepreneurs Namita Thapar and Ritesh Agarwal on the television show Shark Tank India to fuel its omni-channel expansion.
FashionNetwork.com spoke to the co-founders Shraddha Kapoor and Pallavi Mohadikar about the demi-fine jewellery segment, competitors, expansion plans and growth strategy.
FashionNetwork.com: Why be a co-founder in Palmonas, a demi-fine jewellery brand?
Shraddha Kapoor: It's the sweet spot. Palmonas is neither expensive like fine jewellery, nor flimsy like imitation. It happens to be a robust option close to the price of imitation but looks and feels just like fine jewellery. Personally, I never cared about the carats in my jewellery. For me it's not about possessing something, it's about how it makes me feel when I wear it, that's real value for me. Just like my outfits, my jewellery is an extension of me and my mood and personality. Unless you're a billionaire, there's only so many designs one can get in fine jewellery. With Palmonas, you're not forced to accessorise yourself with the same set every other day. You can have as many pieces as the outfits you own.
FNW: The jewellery industry which includes some big players with deep pockets spend millions on advertising and lobbying mostly using celebrities to endorse their jewellery. As a celebrity and promoter of demi-fine jewellery brand which includes lab-grown diamond jewellery, what do you feel makes Palmonas stand out?
SK: Our edge has got nothing to do with budget. We take constant feedback from our customers and what we've learnt is that our main pull is still our designs. And we like it that way, it keeps us on our toes to be fashion-forward, fresh and set trends. We think it's lazy to pin ourselves to a single differentiator. We appeal to a generation that wants both style and sense at the same time. No wonder our Lab Grown pieces are flying off the shelves and we haven't even started marketing them all out yet. In fact, we don't see other players as competition. More the merrier I say. The demi fine market is only growing and it's here to stay. There is so much innovation and literacy happening in finance, that GenZ doesn't seem to be looking at jewellery as an investment medium. Jewellery is an expression. Like footwear.
FNW: As an actor, someone who comes from the make belief movie world, what do you feel brands like Palmonas need to do to change mindsets (to fashion first) and notion about jewellery purchase that has been existing for years in India?
SK: Just like in the movies, all we need to do is listen to the audiences. The audience is smarter than ever before. They know what's valuable and what's not. They can define value for themselves now. As an actor as well as the co-founder of Palmonas, my fundamentals are the same, do not take the audience for granted. In fact, people are now watching movies not for stars but content, so it's on us to choose movies that give better content to the moviegoers. Same way, they're choosing demi fine and lab grown anyway, we don't need to change their minds, they're changing the markets. Those businesses that are living with old notions are going to have to change sooner or later.
FNW: Do you think India has warmed up to the idea of purchasing branded demi-fine jewellery, if you could talk us through the evolution of the brand since its launch?
Pallavi Mohadikar: Totally, and we've actually seen that shift happen in real-time. In the beginning, a lot of people didn't even know what 'demi-fine' meant. But over time, with content, conversations, and genuine product experiences, people started seeing the value, especially younger audiences who want affordable, stylish jewellery that's also durable. The response has honestly been very encouraging.
FNW: Tell us about your domestic and international expansion plans, which markets are you looking to target for growth?
PM: Right now, our main focus is honestly just educating people, helping them understand why demi-fine jewellery is such a smart and practical choice. We've been expanding steadily, from our very first store to now our tenth, and it's been super encouraging to see the response. We're growing, yes but our eyes are on India first. We're really focusing on building a strong presence here.
FNW: Palmonas aims to be a Rs 1,000 crore brand in the next three years. Reports suggest that there is demand which is reflected in the company's sales which has witnessed a year-on-year growth. How to you plan to gain customer loyalty over years to keep up with the growth momentum to achieve your goals?
PM: That goal is ambitious, but very real for us. We're not just chasing numbers, we're building a brand that people love, trust, and keep coming back to. We're focused on customer experience, consistent quality, and community building. And we're investing heavily in tech and logistics to make sure our backend grows just as smartly as the brand on the outside. Loyalty comes from trust and we're committed to earning it every single day.
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