Latest news with #Senco
Mint
16 hours ago
- Business
- Mint
Runaway gold prices nudge buyers to studded jewellery
A sharp rally in gold pushed many price-conscious Indians to choose studded jewellery instead of plain gold jewellery in the March quarter, sales data of leading retailers showed. At Titan Co. Ltd, India's largest jewellery retailer by revenue and market capitalization, sales of diamond-studded jewellery grew 12% from a year earlier, while overall domestic jewellery sales grew 23.4%. Studded jewellery accounted for 30% of its domestic jewellery business during the quarter. The story was different at its rivals. At Kalyan Jewellers Ltd, the second biggest gold retailer, studded jewellery sales grew 47.6% from a year earlier, compared to 38% in domestic jewellery sales. Studded jewellery accounted for 31% of Kalyan's revenue in the country in the fourth quarter. Senco Gold and Diamonds and PN Gadgil Jewellers witnessed the same trend. Studded jewellery grew 38% and 31% at Senco and PD Gadgil, respectively, in the January-March period, even as the overall business grew 21% and 5% for the third and fourth-largest gold retailers, respectively. Studded jewellery accounted for about 11% at Senco and 8% at PN Gadgil. Also read | Gold duty evasion fight turns into a game of whack-a-mole "There was a whopping increase in demand for studded jewellery," Titan's jewellery division chief executive officer (CEO) Ajoy Chawla said in a post-earnings call on 8 May. Chawla will take over as Titan CEO in January next year. The sales data indicates a shift towards lighter and more affordable precious stone jewellery, in an industry long dominated by traditional gold. 'Over the past few quarters, we have observed a notable increase in consumer interest in diamond-studded gold jewellery," Ramesh Kalyanaraman, executive director at Kalyan Jewellers, said in an email. "Studded conversion becomes easier when the gold price is very high," said T.S. Kalyanaraman in a post-earnings interaction on 8 May, adding that gold prices had increased by 30% in the last fiscal year. Gold rose 31% during the last fiscal year, from ₹69,471 for 10 g on 1 April, 2024, to ₹91,190 on 31 March 2025. It has gained further in FY26, closing at ₹1,00,280 on Friday. Read this | Mint Explainer: What are RBI's final norms for loans against gold and silver? T.S. Kalyanaraman is Ramesh Kalyanaraman's father and is currently the managing director of Kalyan Jewellers. Kalyanaraman explained this was primarily because the precious stones could account for 40-45% of the jewellery instead of buying plain gold. "As of Q4 FY25, the 'stud ratio' improved to 8%, while witnessing a 30.8% year-on-year rise in the studded revenue, highlighting its growing popularity," said a spokesperson for PN Gadgil, referring to the percentage of sales generated from jewellery that is decorated with studs like diamonds or other precious stones. PN Gadgil said there is a rising interest among young urban shoppers in solitaires, light earrings, and daily-wear designs, driving the growth of the studded jewellery segment. Emails sent to Titan and Senco Gold went unanswered. Over the past year, gold prices have surged because of macroeconomic uncertainty and geopolitical skirmishes, which have nudged investors to buy gold. According to Kalyan Jewellers, the studded jewellery segment's gross margin is estimated to be between 30 and 35% compared to 10 and 14% for plain gold. And read | Cooling gold prices: What it means for you 'Jewellery is becoming a daily-wear fashion choice, as what used to be a planned purchase is now more impulsive," said Naveen Trivedi, senior analyst at Motilal Oswal Financial Services.
Time of India
24-04-2025
- Business
- Time of India
Senco to now operate all Melorra stores after it enters into a tie-up with August Jewellery
Senco Gold on Thursday announced that it has entered into a marketing tie-up with August Jewellery Private Limited till September 30, 2025. "Senco Gold Limited has entered into a Master Franchise Agreement with AJPL, whereby all existing Company owned & Company operated (COCO) stores will be operated by Senco as Franchisee of AJPL, while the Franchisee owned & Franchisee operated (FOFO) and Franchisee owned Company operated (FOCO) stores of AJPL will become Senco's sub franchisee," said the company through a stock exchange filing. As per the statement, all the terms of conditions of existing franchise agreement will remain same and Senco as Master Franchisee will be responsible for all commercial implication of such existing franchise agreements. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo Following the tie-up, Senco will run and operate the stores of Melorra. The company had a 22 per cent year-on-year (YoY) revenue growth in the third quarter (Q3) of FY25. The company in FY'24 posted a revenue of Rs 5,230 crore. It achieved the highest-ever sales of over Rs 1,000 crore in a single month (October 2024) and Rs 2,000 crore plus in a single quarter (Q3F'25). Live Events Senco Gold & Diamonds' same-store sales growth (SSSG) remained steady in the 13-14 per cent range, while the stud ratio was maintained at 10.5 per cent, the company mentioned in its business update. The old gold exchange contributed 38 per cent to sales, with 62 per cent from non-company Gold & Diamonds expanded its showroom portfolio to 170, including 69 franchisee showrooms, and launched four new showrooms in Q3. It also raised Rs 459 crore through a qualified institutional placement (QIP) at Rs 1,125 per share.
Business Upturn
24-04-2025
- Business
- Business Upturn
Senco Gold enters strategic tie-up with August Jewellery to expand retail footprint
Senco Gold Limited has announced a strategic and marketing partnership with August Jewellery Private Limited (AJPL), known for its omnichannel jewellery brand 'Melorra.' This collaboration marks a significant step in expanding Senco Gold's presence in the high-growth, youth-centric jewellery market. Under this agreement, Senco Gold will operate as the exclusive Master Franchisee for Melorra. All existing company-owned and operated (COCO) stores of Melorra will now be run by Senco, while franchisee-owned stores (FOFO and FOCO) will become sub-franchisees under Senco's management. This arrangement allows Senco the exclusive right to open new Melorra stores, strengthening its retail footprint across India. The tie-up, which remains in effect until September 30, 2025, positions Senco to leverage Melorra's strong brand appeal among Gen Z and millennial consumers. The partnership is expected to drive incremental sales, particularly in high-margin diamond jewellery, while granting Senco access to over 20 existing Melorra stores. With no acquisition or related party transaction involved, this collaboration is strategically focused on enhancing customer reach and retail efficiency in the domestic market. By aligning with Melorra's digital-first and trend-forward approach, Senco Gold is set to reinforce its leadership in the modern jewellery segment and attract a younger, fashion-conscious audience. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
