The 2019 Covid pandemic saw one of its worst effects on the world economy, with both the traditional and the newer businesses bearing the brunt of the same. The commodities market too, was not left out of this pandemonium and saw an unprecedented surge in Gold prices and a sharp plummet in oil prices - making oil a negative yielding commodity.
In India, Gold is considered a prime commodity as an investment instrument for a majority of the households and sometimes even considered as a measure of wealth and prosperity - be it at the macro or micro level. The Gold market has seen many players catering to this demand having a turnover of crores of rupees annually. One such prominent player since 1981 has been VGN Jewellers. Based out of the city of Mumbai, the brand has managed to rake in a recent annual turnover of 250 + crores through its robust base of 2 Million+ subscribers, 40-year lineage and a strong army of 15,000+ influencers.
The year 2020 did dampen the spirit of the brand. However, under the able leadership of the Chief ,Shri VG Nair and the inclusions of his heirs Meera Nair and Govind Nair the business is in a revamp mode now.
From digitizing its entire operations to 3D jewellery designing on a tech platform the VGN brand has still a lot of zeal imbibed to offer to its customers. According to sources from the brand - the VGN group has always held its USP at standardized making charges to avoid discrepancies in the interest of the consumer, hallmark jewellery and customer-centric designs. It is ironic that in the designs retailed today to customers, their input is not considered while designing the patterns of the jewellery. It is under this context and to be more customer-centric the VGN Group is launching its tech pad under the name VGNext for the millennial subscribers.
Customers can have their designs visualized through 3D try ons on a mobile app and also use the platform as an investment initiative. The affordable gold purchase plans wherein with cumulative savings with plans starting as low as Rs 500/ month, VGN group has given many of the households the ability VGN Jewellers, Maharashtra, Mumbai to possess their dream commodity.
Commenting on the rebranding initiative Shri VG Nair comments that "2020 has been a year of learning and revamping for us. After the slump, we are in the process of strengthening our core further to face such unprecedented situations in the future."
In order to be a part of the New Normal, the brand is taking steps to embark on the Jewellery at Home service for the comfort of their customers.
This New Normal would see them expand their retail presence through strategic partnerships thereby catering to a wider audience.
"I have seen the growth of the VGN group since the humble beginnings of the VG Nair. The connect that they have with their customers is exemplary. I wish him and his successors good luck on the VGNext initiatives," says Sachin Menon, Chairman, Nayar Samaj.
Ajay Menon, CEO - Motilal Oswal comments "Having collaborated with the VGN group in the past, what I have appreciated is the loyal customer base who has stood by them throughout these years. wish them all the best for the next phase of VGNext."
In order to sustain the competitive pricing and future plans, the brand VGNext would undergo multiple rounds of funding through institutional and retail investors. Do watch this space for more.
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( With inputs from ANI )
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