GIVA : Company Overview
Born to Shine in Silver & Gold:The Sparkling Beginning of Giva Jewelry
In 2019, Ishendra Agarwal, Sachin Shetty, and Nikita Prasad launched GIVA Jewellery after realizing the lack of a reliable branded silver jewellery option in the Indian market.They observed that while established players focused on gold, and there were artificial jewelry options, there was no widely recognized brand specializing in high-quality, affordable silver jewelry. This insight, combined with the desire to offer a luxurious yet accessible option, led to the creation of GIVA.
Mr. Sachin Chauhan
Senior Marketing Strategist & Retail Industry Expert
9:24 • Expert insights on GIVA's marketing transformation
From Subtle Sparkles to Shining Success:The Rise of Giva Jewels Today
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GIVA is currently a leading silver and lab-grown diamond jewelry brand in India, focusing on an omnichannel presence. They have seen significant revenue growth, particularly in FY24, and are expanding their offline presence by opening new retail outlets. GIVA also continues to strengthen its online presence and is actively developing its lab-grown diamond segment.
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GIVA reported a 66% year-on-year revenue growth in FY24, reaching ₹273.6 crore.
A Web of Trust, A Shine That Spreads:The Power Behind Giva’s Growing Network
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Giva Jewelry has built a powerful and smart network that connects people, platforms, and partnerships to grow its brand and trust.The company leverages digital platforms and offline channels to reach a wide audience, focusing on building a strong brand image and customer loyalty.
Who’s Shining with Giva ?
GIVA, the online jewelry brand, has collaborated with several celebrities and organizations to promote its collections.
ANUSHKA SHARMA (ACTRESS)
GIVA has a long-standing association with Anushka Sharma, who is the brand's ambassador and has been featured in various campaigns, including the "WhatTheHeartWants" campaign. She also has her own signature collection with GIVA, which includes gold and silver pieces.
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BHUMI PEDNEKAR (ACTRESS) : -
GIVA collaborated with Bhumi Pednekar for the "GIVA x Bhumi" collection, which features floral and convertible jewelry, emphasizing nature and sustainability.
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JAWAN (MOVIE) : -
GIVA has released a collection inspired by the movie "Jawan", showcasing trending jewelry for various occasions, including gifts for marriage.
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OTHER COLLABORATIONS : -
GIVA has also teamed up with popular celebrities such as Neha Kakkar, Shruti Haasan, and Diana Penty to endorse limited edition collections.
What Makes GIVA Truly Unique ?
GIVA is unique because it offers high-quality, personalized silver jewelry with a focus on meaningful gifts and customer experience. They specialize in 925 sterling silver, ensuring durability and skin-friendliness, and provide customization options like engraving names or special dates. GIVA also emphasizes timeless designs, affordability, and a straightforward customization process.
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Quality and Materials : -
GIVA uses 925 sterling silver, an industry standard for quality and durability, ensuring their jewelry is not only beautiful but also long-lasting.
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Personalization : -
GIVA allows customers to personalize jewelry with names, dates, or special messages, making each piece a unique and meaningful gift.
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Timeless Designs : -
Their designs are contemporary yet classic, suitable for various styles and preferences, ensuring the jewelry remains fashionable over time.
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Affordability : -
Despite the premium quality and customization options, GIVA jewelry remains accessible, making it possible to give a personalized, high-quality gift without overspending.
Why Diversification Is Giva’s Next Big Move ?
GIVA has diversified its product line from its initial focus on silver jewelry to include 14K and 18K gold and lab-grown diamond jewelry.They've also expanded their product categories to include men's and kids' jewelry and offer a wide range of designs in necklaces, earrings, bracelets, and more. GIVA has expanded its reach both online and offline, with a growing number of physical stores and partnerships with retailers like Shoppers Stop.
What Do the Numbers Say About Giva ?
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REVENUE : - GIVA’s operating income rose by 66%, reaching ₹274 crore in FY24.
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LOSSES : - In spite of the revenue rise, GIVA’s net loss widened to ₹58.6 crore, marking a 29.6% increase.
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PROFIT BEFORE TAX : - For the financial year 2023-2024, GIVA recorded a pre-tax loss of ₹52.2 crore.
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EQUITY : - GIVA’s equity share capital stands at ₹1.2 crore.
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ASSETS : - Total assets are ₹308.4 Cr.
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LIABILITIES : - Total liabilities are ₹86.7 Cr.
What are the Marketing strategies used by GIVA?
GIVA, a jewelry brand, employs a multi-faceted marketing strategy that combines ground-level engagement with strong digital marketing efforts. They focus on creating brand awareness through community and neighborhood outreach, while also leveraging digital platforms for broader reach and customer engagement. Their strategy incorporates influencer marketing, social media outreach, performance marketing, and retargeting campaigns.
DIGITAL MARKETING :
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Social Media Marketing : - GIVA utilizes platforms like Instagram, Facebook, and YouTube to engage with their audience. They focus on creating attractive visuals and emotive copy, presenting their jewelry not just as a product but as part of the customer's personal story.Influencer Marketing : - GIVA partners with influencers to promote their products and reach a wider audience.PROFIT BEFORE TAX : - For the financial year 2023-2024, GIVA recorded a pre-tax loss of ₹52.2 crore.Performance Marketing : - This involves running targeted advertising campaigns to reach potential customers based on their online behavior and interests.
Ground-Level Engagement :
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Community Outreach : - GIVA actively engages with communities, societies, and neighborhoods to create brand awareness and build relationships.Understanding Customer Needs : - They carry out market analysis to identify customer preferences and adjust their marketing strategies based on the insights.
What were the Problems faced by GIVA ?
GIVA, the online silver jewelry retailer, initially faced challenges related to customer perception of silver, building trust in a D2C model, and scaling logistics. They also dealt with high COD (Cash on Delivery) order cancellations, low repeat purchase rates, and difficulty engaging customers effectively.
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Building Trust and Brand PerceptionLogistics and FulfillmentCOD Order ManagementCustomer Engagement and ConversionCash Flow ManagementAccess Control
What Were the Effective Solutions?
GIVA addressed its challenges by implementing personalized customer communication, leveraging influencer marketing, and optimizing the online shopping experience. They used tools like MoEngage to reduce cart abandonment and personalize product recommendations, resulting in increased conversions and repeat purchases. Additionally, they partnered with influencers and used social proof widgets to build trust and drive sales.
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Personalized CommunicationReduced Cart AbandonmentInfluencer MarketingOptimized Online Shopping ExperienceTrust BuildingStreamlined Checkout
What was the Founders’ Perspective ?
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Ishendra Agarwal : - The CEO, Ishendra focuses on scaling GIVA's operations, expanding its product lines, and ensuring customer satisfaction through an omnichannel strategy. He also emphasizes the importance of authenticity and quality in their jewelry, as evidenced by the authenticity certificates and warranty offered with each piece.Nikita Prasad : - Nikita's background in fashion and jewelry design is crucial to GIVA's creative direction. She focuses on the design and aesthetics of the jewelry, ensuring that it aligns with current trends and customer preferences. Her attention to detail and commitment to quality are key to GIVA's brand identity.Sachin Shetty : - While his specific role is not detailed in the provided information, it can be inferred that Sachin played a vital part in the early stages of GIVA's development, contributing to its initial growth and establishment as a brand
Conclusion
GIVA, an online silver jewellery startup, has evolved into a significant player in the Indian jewellery market, known for its affordable and stylish designs. The company has expanded from online sales to physical stores and e-commerce platforms like Amazon and Myntra, and even internationally with a store in Sri Lanka. While GIVA has seen revenue growth, it has also experienced increased net losses, indicating challenges in profitability as it expands.
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