Brands
“We aim to surpass Rs 100 cr in sales within the next two years”: Gargi by PNGS’ Aditya Modak
Mumbai: Fashion jewelry has evolved beyond mere adornment, becoming a symbol of style, elegance, and individuality. Gargi by PNG & Sons is one such brand that is redefining industry norms with its commitment to quality, affordability, and heritage.
From a pioneering BSE listing to remarkable financial achievements, Gargi continues to set new standards in the market. It is poised for exponential growth, aiming to surpass Rs 100 crore in sales within the next two years.
Indiantelevision.com caught up with Gargi by PNGS co-founder Aditya Modak to talk about their USP in the jewellery market, affordable luxury collection and more…
Edited Excerpts:
On Gargi by PNG & Sons differentiating itself from other players in the market, in terms of product quality, variety, affordability, and other key factors
Gargi by PNG & Sons stands out in the market due to our commitment to product quality, variety, affordability, and heritage. While others prioritize design variations over quality, we focus on legacy, ensuring each piece embodies beauty and integrity. With over 15,000 SKUs, we offer a diverse range rooted in tradition yet appealing to modern tastes. We use premium materials like sterling silver, brass, and diamonds, reflecting elegance and grace.
Our 14Ct real diamond gold collection, certified by IGI, is affordable and accessible. Priced from Rs 5,000 to Rs 50,000, it caters to various budgets without compromising on authenticity. From classic gold to romantic rose gold and timeless white gold, there is something for every occasion and style preference. Our collection symbolizes style, elegance, and individuality, making it a trusted choice for discerning women seeking luxury and value.
On Gargi by PNG & Sons addressing the prevalent market challenges in the Indian fashion jewellery segment, and the strategies that it employs to overcome them
We tackled market challenges in the Indian fashion jewellery segment by offering unique, competitive price points without compromising on quality, a rarity in the market. This was done after extensive market research and understanding what the consumer wants. We have a vast selection with over 15,000 SKUs, spanning silver, brass, diamond, and affordable luxury collections. We also launch new campaigns and collections regularly to stay relevant and engaging. Additionally, we are a very new age and digitally savvy brand that actively engages with our customer base through various online campaigns, ensuring a robust and contemporary market presence.
On your affordable luxury collection
Last year, we launched an affordable luxury real diamond collection, priced between Rs 5,000 to 50,000, which has been a great hit. This collection features gold with diamonds, a perennial favourite among customers. The designs are minimalistic, lightweight, and elegant, making the jewellery suitable for any occasion or daily wear. This blend of affordability and luxury has made it highly desirable for customers seeking elegance and versatility in their jewellery choices.
On the key milestones and financial achievements of Gargi by PNG & Sons in 2023, reflecting its business growth, market recognition, and trajectory
By the end of 2023, we delivered extraordinary returns of over 1700% for investors, setting new standards in the retail industry. We clocked a stellar financial performance for the quarter ended March 2024. With a remarkable rate of 116.93 per cent, the company achieved sales of Rs 15.38 crore. The quarter we also witnessed a substantial increase in net profit, with figures soaring by 74.07 per cent to reach Rs 2.35 crore compared to the previous quarter ended March 2023, where it stood at Rs 1.35 crore. Our listing on the Bombay Stock Exchange (BSE) has further solidified Gargi’s position as a market leader, attracting a 100 per cent listing gain and a quadruple increase in customer numbers. In FY 2024, we have continued our exceptional performance, surpassed annual projections, and demonstrated robust growth, aiming to exceed Rs 100 cr in sales within the next two years. With a footprint spanning 18 locations across ten metro cities and six states, Gargi is poised for continued growth and success.
On initiatives that Gargi by PNG & Sons undertook to expand its market presence in India during 2023, and what were the outcomes of these initiatives
In 2023, we undertook several initiatives to expand our market presence. From November to March, we executed a significant influencer campaign to amplify brand presence, directly engaging customers. Additionally, we focused extensively on in-store branding. These efforts successfully increased brand visibility and directly connected with a broader consumer base, enhancing our market footprint.
On the significance of Gargi by PNG & Sons’ listing on the Bombay Stock Exchange (BSE) regarding its market positioning and investor confidence.
Our Bombay Stock Exchange (BSE) listing is a significant milestone. It made us one of the first fashion jewellery brands to achieve this. This listing has provided a substantial boost in terms of value, recognition, and market presence. It has also positively shifted the brand’s perception among consumers and investors, demonstrating our strong credentials and focus on growth.
On Gargi’s future goals and aspirations and the company’s plan to realize them in the coming years
In FY 2024, we have continued with our exceptional performance, surpassing annual projections and demonstrating robust growth. We aim to surpass Rs 100 cr in sales within the next two years. With a footprint spanning 18 locations across ten metro cities and six states, Gargi is poised for continued growth and success.
Brands
Maharashtra panel orders Lodha to refund Rs 5 crore to homebuyers
Consumer court flags unfair practices in long-running property dispute case
MUMBAI: In a sharp rebuke to one of India’s biggest real estate players, the Maharashtra State Consumer Disputes Redressal Commission has directed Macrotech Developers to refund nearly Rs 5 crore to a senior citizen couple, Uttam and Anindita Chatterjee. The ruling, delivered on March 13, 2026, calls out the developer for “deficiency in service” and “unfair trade practices”, bringing closure to a dispute that has stretched over a decade.
The case traces back to 2015, when the couple booked a 3-BHK flat at World Towers in Lower Parel for Rs 12.22 crore, with possession promised within a year. What followed was a series of changes that complicated matters. After deciding to exit the project, they were persuaded to shift to a 4-BHK in another development priced at Rs 8 crore, with delivery scheduled for 2018. However, within months, the price was allegedly increased to Rs 10 crore. After demonetisation reshaped the market, similar flats were reportedly being offered at lower prices, but the couple were not given the benefit.
Despite paying over Rs 2.83 crore, the couple neither received possession nor clarity. Instead, in 2018, the developer unilaterally cancelled the booking, retained part of the amount as earnest money, and argued that the buyers were investors rather than consumers. The commission rejected this claim, observing that casual references to “investment” do not take away consumer rights when the purchase intent is residential.
The bench also held that the developer could not penalise buyers for payment delays while failing to meet its own delivery commitments. It noted the lack of formal documentation for revised terms and termed the prolonged retention of funds without delivering a home as exploitative.
As part of its order, the commission directed the developer to refund Rs 2.83 crore paid by the couple, along with interest at 10 per cent per annum, amounting to around Rs 2.12 crore. In addition, Rs 1 lakh has been awarded for mental agony and Rs 50,000 towards litigation costs, taking the total payout to over Rs 5 crore. The developer has been asked to comply within two months.
For now, the ruling serves as a reminder that in real estate, shifting terms and delayed promises can carry a significant cost.
