PNG Jewellers to add 150 stores by FY28, focus on regional designs: CMD Saurabh Gadgil

Saurabh Gadgil, CMD of PN Gadgil Jewellers Ltd (PNG Jewellers), said in an interaction with Business Today that the company is expanding into central and northern India, focusing on states like Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Jharkhand and Bihar. PNG aims to offer 70 per cent region-specific designs and 30 per cent classic collections. CMD Gadgil said the brand stands out with a hybrid model combining the warmth of a family jeweller with professional management and a strong digital presence. PNG plans to open 25 stores in FY26 with a Rs 400–500 crore investment, targeting 150 stores by March 2028 via owned and franchise formats. Here are the edited excerpts from the interview:

Q) What strategic factors influenced PNG Jewellers' decision to expand into central and northern India at this time?

Saurabh Gadgil: During our IPO journey last year, we clearly articulated our approach to expansion: it must be strategic, profitable and meaningful. Having established PNG Jewellers as the brand with the highest number of jewellery stores in Maharashtra, we decided it was time to explore new growth avenues. Our team undertook extensive market analysis, conducted consumer surveys, and held exhibitions, enabling direct customer interaction to understand market gaps and customer aspirations. Our findings clearly indicated significant potential in the Central and Northern India belt, especially MP, UP, Chhattisgarh, Jharkhand and Bihar. These markets, although served by other brands, remain largely underserved and offer room for organised, trusted players to enter and flourish. Historically aligning with our roots, we're expanding along the iconic Peshwa route, bringing our legacy and modern jewellery offerings to these vibrant markets.

Q) How does PNG Jewellers plan to localise its brand experience to cater to the cultural and design preferences unique to consumers in these new markets?

SG: As a leading organised family jeweller with nearly two centuries of legacy, PNG Jewellers' hallmark has always been exceptional customer service and deep-rooted trust. Interestingly, many of our loyal patrons spanning multiple generations have migrated and settled across central and northern India, and we also have northern and central Indian natives living in Maharashtra who are our customers. They are our natural brand ambassadors and evangelists in these new regions we are looking to enter. We will actively leverage this built-in advantage by engaging our existing customer base to organically amplify our presence.

Localisation of designs is central to our strategy. Post-exhibition data mining has enabled us to gain insightful clarity on regional jewellery preferences, guiding us to create collections that resonate deeply with local cultural tastes. Our aim is to offer approximately 70 per cent jewellery specifically curated for local market preferences, including a significant focus on studded jewellery segments like kundan, polki, diamonds, and precious gemstones, reflecting its strong demand identified in central and northern India. The remaining 30 per cent will comprise PNG's classic and bestselling designs, ensuring the brand's core identity remains consistent even as we embrace local tastes and preferences. This balanced approach will ensure that PNG Jewellers becomes both relevant and cherished in every city and state we enter.

Q) Given the presence of established players like Titan, Kalyan, PC Jeweller, Senco Gold and Thangamayil Jewellery in these regions, what unique strategies or key differentiators will PNG Jewellers leverage to effectively tackle competition and gain market share?

SG: While these new markets already have experienced organised jewellery players and legacy local players, at PNG Jewellers, we combine the warmth, empathy, trust and flexibility inherent to a traditional family jeweller with the precision and process-driven approach of a professionally-run corporate entity. This blend ensures our customers receive a deeply personalised experience, backed by robust operations and a vast inventory. Our rigorously trained staff embody the PNG ethos, delivering consistency in service quality and customer engagement. This distinctive, hybrid experience of a "new-age family jewellery brand" is something we firmly believe will set us apart in the competitive landscape.

Moreover, a significant portion of our business, up to 30 per cent, historically comes from customised jewellery orders. We plan to replicate and possibly exceed this success in our new markets, leveraging our expansive network of skilled artisans. This approach will enable us to offer uniquely crafted jewellery pieces, tailored to customer preferences, creating tangible differentiation in product aesthetics and quality.

Q) What role will digital initiatives, e-commerce and omni-channel retailing play in supporting the brand's expansion in these geographies?

SG: Being present and proactive on digital platforms and e-commerce channels has now become an essential element of brand hygiene. PNG Jewellers has adapted to and further developed its capabilities in these areas. Our digital strategy, encompassing targeted campaigns, engaging collection launches, seamless online customer interactions, AI integration and omni-channel shopping experiences, is designed to support both the physical and emotional dimensions of jewellery purchases, ultimately driving increased footfall to our stores.

Our e-commerce platform, featuring an extensive variety of gold bars, coins, and exclusive jewellery designs, is specifically tailored to appeal to consumers in diverse geographies. This will not only expand our reach but also enhance brand recall and customer engagement. Furthermore, our digital platforms enable us to capture insights into customer preferences in real-time, informing the creation of innovative designs, attractive schemes, and customised offerings tailored precisely to the pulse of each local audience. This digital push will significantly complement our physical expansion, enabling us to establish deeper connections and achieve sustained growth in these new markets.

Q) Could you share details on the scale of investment, target store count, and hiring plans associated with this expansion over the next 2–3 years?

SG: This year, we will be adding close to 25 stores across our brands like PNG Jewellers and Litestyle by PNG, of which half will be company-owned, while the rest will be through a franchise model. So, the investment this year will be to the tune of around Rs 400-500 crore. We are targeting reaching the 80 stores mark by the end of March 2026.

Next financial year, the company will look at stake dilution as mandated by Sebi post IPO. Considering the potential QIP along with internal accruals, we would be aiming to reach the 125-store mark by March 2027, and 150 stores by March 2028. The majority of our focus will be on the central India belt, and I think state by state, the entire belt will approximately have close to 70-80 stores over the next 2-3 years across PNG Jewellers and Litestyle by PNG, cementing the brand's position as a meaningful national jewellery player.