Forevermark eyes massive expansion in the Indian market
By Retail4Growth Team | Retail4Growth Team | December 15, 2020
The brand had 260 operative stores before the pandemic and are planning for 270 stores by 31st December, 2020.
The subsidiary of De Beers Group, Forevermark diamond is looking to expand its presence in the Indian market throughout the country and plans to make a mark in new cities, in the next few months.
Sachin Jain, Managing Director, Forevermark India, exclaimed, “I would certainly predict that we will be back to between 70-85%, of 2019. We will certainly be lower than last year, but not to a tune that’s unrecoverable. The year 2020 began on a strong note; however, the second quarter was a complete washout due to nationwide lockdown imposed by the government to curb the spread of the pandemic.”
“We had 260 operative stores before the pandemic and are planning to 270 by 31st December, 2020. We have also expanded both our network point of view and city point of view. We’ve extended our brand’s presence to 6 new cities in India and now we are in 66 cities throughout the country,” he added.
India is regarded as the brand’s fastest growing markets; maintaining 30% year-on-year growth and surpassing U.S and China, in terms of volume.
