Big Three consulting firm to aid GRT in strategic makeover

GR Ananthapadmanabhan and his brother GR Radhakrishnan, who jointly manage the operations, have a clear division of territories. They swap their portfolio every year or two as the aim is to provide clarity to professionals, speed up work and reduce redundancies. Recently, they completed the functional allocation following a year’s piloting effort. 

“We have engaged Deloitte for standardising our operational procedures for over a year now. We have implemented HRMS (Human Resources Management System) through Ramco’s and for ERP, we are still evaluating players like Microsoft, Oracle and SAP,” Ananthapadmanabhan said. He notes that GRT has also roped in one of the Big Three consulting firms (a trio of the world’s most prestigious management consulting firms) to re-draw its business blueprint. It is working on revamping its digital strategy. From a single store in the now bustling retail hi-street T Nagar, GRT has 37 domestic branches and three overseas (Dubai, Singapore, Malaysia), where it set up shops recently. Its flagship stores in prominent locations and other branches cover an area of 3-lakh plus sq ft. Three more branches will be coming up in this financial year itself, indicating that GRT is upbeat about the business. 

“Why not? After all, for 5,000 years, this trade has proven to be successful. It has the most transparent pricing system compared to any other product. Unlike a share or a shirt, this is an investment that allows an individual to wear his/her wealth,” Ananthapadmanabhan told DTNext. 

Observing that it is still the best form of savings, he says that 20% of surplus income could be earmarked for jewellery purchase. “The resale value is 98% and rising exchange rates give a seller the advantage of a higher price,” he pointed out. Leveraging technology and investing heavily on security, systems and HR, the retailer has been testing its products from time to time. 

“We will be launching the ‘Oriana’ range of light-weight jewellery in the Rs 5,599 to Rs 70,000 price points shortly. This is targeting the 18-25 years’ age segment of customers. We worked with Italian designers, who are masters of fashion and design intricacies. Three months ago, the trial runs were done to obtain market feedback,” GRT’s Joint MD G R Radhakrishnan said. GRT’s CEO R Vijayaraghavan, who after a long retail stint in Saudi Arabia joined this family business four years ago, concurs: “Demand for diamond has been catching up over the last few years. The age bracket of 25 to 30 years prefers the glitter to gold. New designs, lighter weight and wearable to work or any other occasion are what the next gen shoppers are keen on.”