Hyderabad-based ethnic fashion brand House of Neeru’s has forayed into the jewellery segment with the launch of its new brand Tyohaar, Avnish Kumar, MD, Neeru’s told ETRetail.
The brand, which will be offering silver jewellery, has opened its first store in Hyderabad spanning across 3,000 sq.ft.
“We wanted to diversify from the apparel segment and introduce something that compliments women’s ethnic wear, so, we decided to introduce a silver jewellery brand. Initially, we have invested Rs 12 crore to open the first store of Tyohaar,” he asserted.
“We are expecting the RoI in the next 18-20 months,” he further added.
The newly launched brand offers 5,000 SKUs starting from Rs 4,000 to Rs 4 lakh.
In the next 18 months, it plans to open 6-7 stores in states like Telangana, Hyderabad, and Bengaluru.
“Currently, we plan to open our stores on the high-streets and subsequently, we will be opening in the malls. The average store size will span across 2,000 -3,000 sq.ft and the CAPEX involved to open one store stands at Rs 5-7 crore,” he stated.
At present, the brand will only be available online.
House of Neeru’s, which boasts of 44 stores, closed the last fiscal at Rs 240 crore and is aiming for a 5-8 per cent jump in revenue in the fiscal.
