Indian jewels to dazzle in South America
Indian jewellery is all set to dazzle South America, with a Mumbai-based company venturing to tap the region's market, the first such attempt by an Indian brand.
The Rs 4 billion Tara group will venture out to Peru's capital Lima first with a launch of its brand Tara SA April 14, company officials said here.
"India is growing exponentially and it is only natural that jewellery is a part of that growth," said Aarti Sheth, director of domestic operations, Tara.
"We will begin with Lima and then spread to other cities. We chose Peru to start off because we can then reach other South American markets like Venezuela, Ecuador and Brazil easily," Sheth told the agency.
Tara has chosen some 200 out of their entire international range of 10,000 different styles exclusively for the South American markets.
The company has set up a team for product development and feedback.
"The South American tastes - particularly the Spanish tastes - are very similar to the Indian consumers. However, people there prefer louder and more in your face designs," Sheth contended.
"Since we have been catering to Hispanic tastes as wholesalers in North America, we are well aware of their preferences," she said.
Tara expects to do business worth $10 million from the Peruvian market itself in the first year of its launch.
The company is going to use a unique blend of personalised selling and retail trading to give the customers home jeweller kind of experience, Sheth said.
It has tied with one of the leading South American banks - Banco Wiese Sudameris - for its operations and will start off with sending flyers to the one million strong customer base of the bank.
The company will adopt the same strategy for their domestic retail operations in India where it will spread out to in up to 24 cities by 2007.
"We are not for big advertising or celebrity endorsements as we believe such strategies jack up the prices unreasonably putting unfair demands on the customers," Sheth said.