PN Gadgil ropes in Salman, Madhuri for global endorsements

17 Feb,2015

By Sutanuka Ghosal

 

Pune-based PN Gadgil Jewellers has signed up Bollywood star Salman Khan to endorse the 183-year-old brand across the world, a top company executive said on Friday. The jeweller has also extended the contract of Madhuri Dixit, its present brand ambassador for the Indian market, who will now endorse its range of jewellery across the globe.

 

The move comes ahead of the company’s plans to launch operations in the Gulf, where Khan has a huge fan following, and in the US, where both Khan and Dixit are popular among the Indian and Pakistani expatriate community.

 

Saurabh Gadgil, managing director at PN Gadgil Jewellers, said while Khan has signed a three-year brand endorsement contract, Dixit has signed a twoyear one. “We have signed the contract with Salman Khan today,“ Mr Gadgil said.“He has a huge fan following in India and overseas, which will be accommodative of the future expansion plans of the brand and store launches in the Gulf countries, including Dubai, and the US.The association will aid in presenting the objective of our brand values to the global audience.“ It had been reported on January 14 that PN Gadgil Jewellers had plans to rope in Salman Khan as its brand ambassador.“Madhuri Dixit was promoting our brand in India. We have now entered into a two-year contract with Madhuri which ends in December 2017, with a threemonth cooling off period,“ Mr Gadgil said.

 

According to Mr Gadgil, this is the first time Khan has become the ambassador for a jewellery brand. “He had earlier appeared for Gitanjali’s Sangini line of jewellery along with Kareena Kapoor Khan. But in our case, he is the full fledged brand ambassador and he will promote our gold, diamond, platinum and silver range of jewellery. Khan has a fair idea about jewellery as he himself adorns a turquoise blue bracelet and studs in the ears. The contract with us stipulates that he will not be able to become brand ambassador for any other jewellery firm,“ he said.

 

Both Khan and Dixit have been roped in at a time when PNG has drawn up an ambitious retail expansion plan for the next 15-18 months. PNG is opening a store in Dubai on February 19.

 

It plans to open more stores in the city besides Bahrain, Qatar and Oman in the next one-and-a-half years. The company also plans to spread its operations to the US, where it currently has only one store.“We have one store in the Silicon Valley. We will be opening one in Los Angeles in September. This will be followed by launching stores in Texas, Atlanta and New Jersey,“ added Mr Gadgil.

 

Back home, PNG will add 19 new stores spread over Madhya Pradesh, Karnataka, Andhra Pradesh and Gujarat. Currently, it has 16 stores in Maharashtra and Goa. The total investment for retail expansion has been pegged at Rs 400-500 crore. “We will meet this through internal accruals, debt and private equity,“ Mr Gadgil said.

 

Source:The Economic Times

Copyright © 2015, Bennett, Coleman & Co. Ltd.

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