Shyle Shark Tank India Episode Review
Website Information
- Website:- Shyle
- Build on Shopify
- Good SEO Performance
- ORGANIC TRAFFIC: 50.9K visitors per month.
Founders
- Shyle was co-founded by Astha Katta and Radhesh Sirohiya, a married couple from Jaipur.
- They have been together for nine years and share a strong personal and professional bond, which is reflected in their business philosophy.
Brand Overview
- Shyle is a silver jewellery brand that focuses on creating authentic designer jewellery using traditional Indian handcrafting techniques such as thappa, rava, and chitai.
- The brand aims to blend ancient craftsmanship with contemporary designs to cater to modern consumers.
Shark Tank India Appearance and Ask
- In their appearance on Shark Tank India Season 4, Astha and Radhesh pitched their brand seeking an investment of ₹70 Lakhs for 1% equity.
- They shared their story, including the origin of their brand name, which rhymes with “style” and reflects their branding strategy.
Season and Episode Air Date
- Season: 04
- Episode:- 12
- Episode Air Date: Tuesday, 21 January 2025
Product Overview
- Shyle specializes in silver jewellery that emphasizes traditional Indian craftsmanship.
- Their products are designed to appeal to consumers looking for unique and culturally rich jewellery options.
Investor Reactions
- The sharks were generally impressed with Shyle’s product offerings and the founders’ educational backgrounds and experiences.
- However, there were moments of tension during negotiations, particularly when misunderstandings arose regarding the terms of the deal.
- Anupam Mittal expressed frustration over perceived miscommunication, leading to a dramatic moment where he declared he was out of the deal.
Customer Engagement Philosophy
- Astha and Radhesh emphasize a philosophy rooted in authenticity and customer trust.
- They aim to build relationships with their customers by ensuring that their products reflect genuine craftsmanship and cultural heritage.
Product Highlights
- Authentic Craftsmanship: Utilizes ancient Indian techniques.
- Unique Designs: Combines traditional methods with modern aesthetics.
- Cultural Significance: Each piece tells a story reflecting India’s rich heritage.
Future Vision
- The founders envision expanding Shyle’s reach by leveraging the investment from Shark Tank to enhance production capabilities and marketing efforts.
- They aim to establish Shyle as a leading brand in the silver jewellery market while maintaining their commitment to traditional craftsmanship.
Deal Finalized or Not
- After negotiations, the founders accepted a deal from Namita Thapar and Ritesh Agarwal for ₹70 Lakhs in exchange for 1.5% equity and a 0.5% royalty until the principal amount is recouped.
- This deal was reached after some back-and-forth discussions regarding the terms.
| Category | Details |
|---|---|
| Website Information | Website: Shyle |
| Platform: Shopify | |
| SEO Performance: Poor (Needs improvement) | |
| Organic Traffic: 114 visitors/month | |
| Founders | Names: Astha Katta & Radhesh Sirohiya |
| Background: Married couple from Jaipur, together for 9 years | |
| Business Philosophy: Strong personal & professional bond | |
| Brand Overview | Industry: Silver Jewellery |
| Crafting Techniques: Thappa, Rava, Chitai | |
| Focus: Blending traditional craftsmanship with modern designs | |
| Shark Tank India Appearance & Ask | Season: 4 |
| Investment Ask: ₹70 Lakhs for 1% equity | |
| Brand Name Significance: Rhymes with “style” for branding strategy | |
| Deal Finalized | Investors: Namita Thapar & Ritesh Agarwal |
| Final Deal: ₹70 Lakhs for 1.5% equity + 0.5% royalty until recoupment | |
| Negotiation: Some tension and back-and-forth discussions | |
| Product Overview | Category: Silver Jewellery |
| Craftsmanship: Emphasizes traditional Indian techniques | |
| Target Audience: Consumers seeking unique, culturally rich jewellery | |
| Investor Reactions | Overall Impression: Positive response to product quality & founders’ background |
| Negotiation Tension: Miscommunication led to frustration from Anupam Mittal | |
| Dramatic Moment: Anupam Mittal opted out of the deal | |
| Customer Engagement Philosophy | Core Values: Authenticity & Customer Trust |
| Brand Promise: Genuine craftsmanship reflecting cultural heritage | |
| Product Highlights | Authentic Craftsmanship: Uses ancient Indian techniques |
| Unique Designs: Combines traditional and modern aesthetics | |
| Cultural Significance: Represents India’s rich heritage | |
| Future Vision | Expansion Plans: Leverage Shark Tank investment for production & marketing growth |
| Goal: Establish Shyle as a top silver jewellery brand | |
| Commitment: Maintain traditional craftsmanship while scaling |
Shyle Shark Tank India Business Plan
Business Potential in India
- Market Growth: The Indian jewellery market is projected to grow significantly, with estimates suggesting a market volume of $118 billion by 2029, growing at a CAGR of 5.97% from 2025 to 2029.
- Silver Demand: Consumer demand for silver jewellery is expected to rise by 15-18% in 2025, driven by a preference for affordable and sustainable options.
- Export Opportunities: India’s silver jewellery exports reached $2.93 billion in FY 2022-23, with an annual growth rate of 8%, indicating strong international demand.
Total Addressable Market (TAM)
- Jewellery Market Size: The total jewellery market in India is projected to reach $100 billion by 2025.
- Silver Segment Growth: With silver jewellery contributing approximately 6.75% to total gems and jewellery exports, the potential market for Shyle within this segment is substantial.
- Consumer Base: The growing middle class and rising disposable incomes enhance the purchasing power of consumers, expanding the addressable market.
Ideal Target Audience and Demographics
- Age Group: Primarily targeting 18-35 years, focusing on young adults and millennials who value unique and personalized products.
- Gender: Both men and women, with a particular emphasis on women who traditionally purchase silver jewellery for personal adornment and gifting.
- Income Level: Middle to upper-middle-class consumers with disposable income, interested in affordable luxury items.
- Geographic Focus: Urban areas with higher concentrations of potential customers, particularly in cities like Jaipur, Delhi, Mumbai, and Bangalore.
Marketing Strategy
- Brand Positioning: Position Shyle as a premium yet affordable brand that emphasizes traditional craftsmanship.
- Promotional Channels:
- Social Media Marketing: Utilize platforms like Instagram and Facebook to showcase products through engaging visuals and influencer collaborations.
- Content Marketing: Create blogs and videos highlighting the craftsmanship behind each piece, cultural significance, and styling tips.
Content and Digital Marketing Strategy
- SEO Improvement: Focus on enhancing website SEO to increase organic traffic from the current 114 visitors/month. Target keywords related to silver jewellery and traditional craftsmanship.
- Engaging Content: Develop storytelling content that connects emotionally with consumers by sharing the brand’s journey, craftsmanship techniques, and customer testimonials.
- Email Marketing: Implement targeted email campaigns to nurture leads and retain existing customers with updates on new collections and promotions.
Distribution Strategy
- E-commerce Platform: Leverage online sales through their website (Pretty Little Shop) and popular e-commerce platforms like Amazon and Flipkart.
- Retail Partnerships: Establish partnerships with local boutiques and retail stores to increase physical presence.
- Direct-to-Consumer Model: Focus on building a robust online presence that allows direct sales to consumers while minimizing reliance on third-party retailers.
Advantages
- Unique Selling Proposition (USP): Authentic designer jewellery using traditional techniques appeals to niche markets seeking cultural significance.
- Growing Market Demand: Increasing consumer interest in sustainable and ethically sourced products aligns with Shyle’s brand philosophy.
- Strong Founders’ Background: The founders’ personal story enhances brand relatability and trust.
Challenges
- High Competition: The jewellery market is saturated with established brands; differentiation will be crucial.
- Price Volatility of Silver: Fluctuating silver prices can impact margins; strategic sourcing will be necessary.
- SEO Performance Issues: Current poor SEO performance limits visibility; immediate improvement is essential.
Reasons for Potential Success
- Cultural Relevance: Silver jewellery holds significant cultural value in India, ensuring consistent demand.
- Sustainability Trends: Growing consumer awareness regarding sustainability can boost interest in Shyle’s offerings.
- Innovative Designs: Continuous innovation in design can attract a diverse customer base looking for unique pieces.
Mitigation Strategies
- Diversification of Suppliers: Establish relationships with multiple suppliers to manage price volatility effectively.
- Brand Awareness Campaigns: Invest in marketing strategies that build brand recognition to stand out from competitors.
- Customer Feedback Loop: Implement systems for gathering customer feedback to continuously improve product offerings.
Future Business Roadmap
Short-Term Goals (1 Year):
- Improve website SEO for better organic traffic.
- Launch targeted social media campaigns to increase brand awareness.
Medium-Term Goals (2-3 Years):
- Expand product lines to include customizable options based on consumer preferences.
- Increase retail partnerships across major urban centers.
Long-Term Goals (4-5 Years):
- Aim for international expansion into markets like the US and Europe where Indian silver jewellery is gaining popularity.
- Target a revenue milestone of ₹100 crores through strategic investments and partnerships.
