Fashion e-tailer Myntra has tied up with Titan-owned Tanishq to sell jewelry online, according to this PTI report. The report added that Myntra will be looking at generating revenues of Rs 500 crore over the next three years from its jewelry section.
As part of the deal, Myntra will be selling Tanishq’s Mia collection of jewelry which is priced in the range of Rs 3,000 to Rs 50,000 targeted at working women.
In 2013, Tanishq merged its ecommerce website with Titan and launched its own site Titan.co.in. The website also sells watches, eyewear and accessories like sunglasses, backpacks, wallets, bags and belts among others from its in-house brands.
Earlier this month, Titan said it would acquire the Chennai-based online jewellery store CaratLane. The acquisition would be an all cash deal, and is expected to be completed by mid June this year. Titan is expected to acquire a majority stake in CaratLane, although the exact number of shares are yet to be finalized.
– Ratan Tata had made an undisclosed amount of personal investment in the online jewellery store Bluestone in September last year. The startup had earlier secured $10 million in funding from Kalaari Capital and other existing investors in March, in addition to the $5 million it raised in January 2012.
– Online jewellery store Voylla.com had raised $15 million from Peepul Capital in October last year. In October 2014, the company had announced its plans to open 10 brick and mortar stores across the country by the end of the year.
– In January, Melorra, a new online jewellery retailer, raised seed funding worth $5 million from Lightbox Venture’s second fund.
– In December 2015, Delhi based online jewellery store Fourseven raised Rs 3 crore in a round of funding from Indian Angel Network to expand its team, increase its product range and invest in technology.