Executive Summary

India is a country in South Asia that is formally known as the Republic of India. It is the world's seventh-largest
country in terms of land area, the second-most populated country, and the world's most populous democracy.
The Indian gems and jewellery industry is an important component of the Indian economy and is renowned
throughout the world for its beauty and affordability. The United Arab Emirates, the United States of America,
Russia, Singapore, Hong Kong, Latin America, and China are among the largest importers. By 2025, the Indian
gems and jewellery market is estimated to exceed US$ 100 billion. The country is home to over 3,000 gem and
jewellery dealers. The sector accounts for around 7% of the country's GDP and employs more than 4.64 million
people (IBEF,2021).
A thorough PESTLE Analysis reveals that Lylies Jewelry has a good chance of succeeding in India. The
research also demonstrates the company's marketing and communication strategy.
1. Introduction
There have been substantial and revolutionary technological shifts in the last few decades as the world has
become more interconnected. A wide range of solutions are available to companies to obtain a competitive
advantage in today's highly competitive global business landscape.  In order to grow the company's revenue and
brand recognition, it is critical that it expand globally and implement an effective marketing strategy. The term
"global expansion" refers to the process of expanding an enterprise's operations into a new, foreign market.
Global marketing is critical since it provides businesses with additional revenue streams, increases brand
awareness and reputation, and enables businesses to gather fresh knowledge about their products in order to
adjust for higher quality service (Benson, 2021).
Overseas Expansion is a sign of a company's rapid growth and thus it is becoming a more attractive choice for
organizations looking to take their business to the next level. Another important factor in increasing sales and
building the company's reputation is effective marketing. An effective marketing strategy is one that helps to
increase sales and brand awareness. A global marketing strategy is the pre-planning stage of a company's
expansion into new markets around the world. An international firm must take into account the cultural and
linguistic differences in the markets they are entering when deciding how to sell their products (Benson, 2021).
Creating a marketing strategy is vital to every business since it allows to determine the company's market
position and segment markets, forecast market size, and eventually plan viable market share in each sector.
This study analyzes India's business climate through the lens of political, economic, social, technological, legal,
and environmental concerns. It is hoped that the findings of this study would be useful to companies looking to
expand the business into the Indian market. New businesses in the country would be benefited by the findings
of this study. In order to accomplish this, the study has chosen a UK-based jewellery company called Lylies.
The study will focus on Lylies products, as well as its marketing approach in India.
1.1 India Overview
India is one of the world's oldest civilizations, with a kaleidoscope of cultures and a rich cultural legacy. It has
made significant socioeconomic progress on all fronts throughout the last 65 years of its independence. India
has achieved self-sufficiency in agricultural production and is now one of the world's most industrialized
nations, as well as one of the few nations to have ventured into space in order to conquer nature for the benefit
of the people. India, the world's seventh largest country, is geographically distinct from the rest of Asia,
separated by mountains and the sea.
India's economy is classified as a middle-income emerging market
economy. It is the sixth-largest economy in the world in terms of
nominal GDP and the third-largest in terms of purchasing power parity
(PPP). According to the International Monetary Fund (IMF), India was
rated 145th by nominal GDP and 122nd by nominal GDP per capita
(PPP) (World Economic Outlook Database, 2019). From 1947 through
1991, various governments advocated protectionist economic policies
characterized by substantial state intervention and regulation of the
economy. This is referred to as dirigism, shown in the License Raj. In
1991, India's per capita income was merely $360, having been surpassed
by numerous Asian "miracle economies" increasing at a rate of 7% or
more per year. During the green revolution, India achieved self-
sufficiency during regular monsoons but remained reliant on food aid during droughts. India is now a net food

Figure 1 India map: Source: Worldatlas.com

exporter, even during droughts, and the world's largest rice exporter. India was the G-77's leader in 1991.
(Group of poor countries constantly demanding more concessions to develop). Today, India is a member of the
T-20, the world's top twenty economies. As a result, the US now supports its bid for permanent membership on
the United Nations Security Council.
1.2 Background of the company
Lylie's is a private limited company founded in 2017 by Eliza Walter and was establsihed in England (LYLIE'S
LTD overview - Find and update company information - GOV.UK, 2021). The company specializes in the retail
and online sale of sustainable jewellery for both men and women. Customers can also benefit from customized
services provided by the company, such as the remodelling of existing jewellery or the creation of a unique
piece of jewellery with the assistance of professionals (Lylies, 2017). The company uses recycled precious
metals for its products. Salvaged gold and silver are used to create Lylie's jewellery, which is obtained by
recycling e-waste, dental waste, and scrap exchange. The company's retail store is located in London, England.
In addition, the organization has a strong presence on social media and a clear emphasis on digital marketing
(Lylies, 2017).

2. Situation Analysis
2.1 Macro-Environment Analysis
Macro-environmental (external marketing environment) elements that affect a firm, industry, or organization
are analyzed and monitored using a PESTEL analysis (also known as a framework or methodology). External
environmental elements are examined in terms of their impact on the external environment.  SWOT analysis
uses a PESTEL study to identify threats and vulnerabilities.

PESTEL framework is most commonly used by businesses to

identify the many elements that influence the external
environment in which they operate. PESTEL refers to the
political, economic, sociocultural, environmental, technological,
and legal elements that all play a part in determining the current
environment in which the company operates and how those
aspects will impact the organization's future operations. PESTEL
assessment is a critical part of strategic management since it may
be used to identify the many macro environmental aspects that a
company must take into account when launching a new initiative,
product, or service (Bensoussan, 2012, s. 187).

Political factors
Political factors describe all of the political aspects that influence
the operations of any organization. Political issues are crucial
since they can stifle a company's or industry's ability to operate. India is one of the world's most powerful
nations. The capital of India is New Delhi. Located next to China and Pakistan, it has a lot of power at its
disposal. Bangladesh, Myanmar, Nepal, Bhutan, and Sri Lanka are some of the other countries in the immediate
vicinity.
Political stability index is an institutional measure of a country's political and governmental stability.
Additionally, political-related violence is included (What is Political Stability Index | IGI Global, 2021).
Stability in politics According to the World Bank's collection of development indicators derived from officially
recognized sources, India's percentile rank was 16.98 percent in 2020. The percentile rank represents a country's
position relative to all other nations covered by the aggregate indicator, with 0 indicating the lowest rank and
100 indicating the greatest rank. (Tradingeconomics.com.,2021). Figure 2 illustrates the Political stability and
absence of violence/terrorism percentile rank of India (2010-2020).

Figure 2. India - Political Stability and Absence Of Violence/Terrorism: Percentile Rank, Source: World bank/
Trading economics.com (2021)

India is the world's largest democracy and has a very stable political system. However, its conflict with Pakistan
over Kashmir has created significant political uncertainty. Similarly, the Citizenship (Amendment) Act 2019
has sparked widespread protests and violence in a number of states around the country. Political parties and the
general public generally recognize and accept the decision of the people reflected in local and national
elections. In order to attract foreign investment, a stable political climate is critical, and this political culture of
tolerance is a major factor (FDI).
Corruption is a big issue in India. Economic development in the country is threatened as a result of the negative
impact on the country's commercial and political climate. It raises the cost of doing business and frequently has
an impact on FDI. In spite of these hurdles, a growing public awareness and government efforts are working to
eradicate corruption.
Overall, India provides political stability that enables businesses to prosper. However, the country needs to
overcome the obstacles provided by corruption then only the real economic growth is possible.

Economic factors
Economic factors are one of the most significant considerations in running any commercial enterprise. They
include both Micro and macroeconomics factors. The stronger the country's economy, the better the business.
Exchange rates, interest rates, economic growth, and inflation rate are all economic factors (Morina et al.,
2020). As a result, before establishing any business in any territory, business should always research the
economic conditions of the target consumer as well as their purchasing power.
In terms of nominal GDP, India is one of the world's greatest economies. It had a $2.59 trillion GDP in 2019
(O'Neill, 2021). However, the demand from consumers has decreased. Because of this, many people are worried
about the economy slowing down. It was terrible for the country, which lost 122 million jobs as a result of the
2020 lockdown. According to the World Bank's collection of development indicators, India's GDP growth
(annual percent) in 2020 was reported at —7.9646 percent. According to the World Bank in December 2021,
India's GDP growth (annual percent) in 2010 - actual values, historical data, estimates, and projections were
gathered (Trading economics.com,2021).
Figure 3 illustrates India GDP growth (annual percentage).
Figure 2. India – GDP growth (annual %), Source: World bank/ Trading economics.com (2021)

The current corporation tax rate in India is 25.17 percent, but it is expected to rise in the near future, according
to estimates. Over the years, the country's corporate tax rate has fluctuated frequently. It was 38.95 percent at its
all-time high in 2001, while the tax rate was 33.99 percent in 2010.
In numerous industries, India is one of the world's leading nations. For instance, it ranks as the world's 7th
largest producer of coffee (International Coffee Organization, 2017). It is also one of the world's leading
agricultural producers. FDI inflows of $120-160 billion per year are predicted by 2025, according to the
International Monetary Fund (IBEF, 2021).
In India in 1999-2000, 7.32 percent of the working population was unemployed. There is a high percentage of
people in the workforce who are poor, which suggests that many people are working in low-wage jobs to make
ends meet. The organized sector employs only about 8% of the total workforce. Another concern is the current
workforce's educational and skill level (Niti,2021).
To conclude, India's economy is one of the most dynamic in the world. Local and foreign businesses can take
advantage of the enormous domestic market. Information technology, telecommunications, healthcare, retail,
and infrastructure are some of the fastest-growing industries. However, training sessions can help India's
problem with its unskilled labour force.

Social Factors
One of the most important aspects impacting business in any market is social issues. The purchasing habits of
target clients are always influenced by their social or cultural background. They will buy in accordance with
their cultural norms. Demographics (age, gender, race, family size); consumer attitudes, opinions, and
purchasing patterns; population growth rate and employment patterns; socio-cultural shifts; ethnic and religious
trends; and living standards are all examples of social elements.
There are almost 1.3 billion people in India, making it an enormous market for consumers (Worldometer, 2021).
Multinational corporations have a lot to gain from this enormous market. It's easy to see why India is home to
so many multinational corporations. India has a large pool of cheap labour and is poised to overtake the United
States as one of the world's three largest economies in the next ten to fifteen years (IBEF, 2021). Many
multinational corporations have moved parts of their operations to India because of the country's readily
available and reasonably priced labour supply.
Many people from many different cultures, languages, and religions live in India. The nation has a strong sense
of community, yet ethnic tensions might arise from time to time. The movie business in India is world-famous.
Some of the sports, like as cricket and ice hockey, are well-known around the world. Legendary cricketers and
rising stars flock to India to play in the IPL (Indian Premier League).
In many industries, India is one of the most promising markets in the world. The nation's middle and working
class is increasing and has a lot of disposable income, which is excellent news for the economy. However,
millions of people in India still survive on less than $2 a day, and this is something to keep in mind. Another
major challenge for the country is the unequal distribution of income and wealth.
To conclude, India has a very favourable social environment for international businesses to expand their
operations. However, based on the offerings companies need to incorporate the country's culture so that the
products can attract huge customer base.

Technological factors
One of the most important components in the operation of any firm is the usage of cutting-edge technology by
enterprises. More sales will be generated if a company uses the most technologically advanced products in its
operations.
An extensive IT infrastructure and a highly qualified IT workforce are housed in India, the third most
technologically developed country in the world (Riaño, 2021). In the IT industry, India is a popular destination
for outsourcing. There are numerous technological projects that can be undertaken in India, including software
development and upgrades, e-commerce, mobile apps and business solutions, as well as many more.
To sum up, India's technological infrastructure and highly skilled IT workforce make it ideal for foreign
businesses to expand their operations in India (Garg, S., 2021).

Environmental factors
For the past 15 years, environmental considerations have been incorporated in the marketing management
situation. Due to the rising scarcity of available raw materials, ethical business, sustainable company, and
pollution targets, these factors have gained prominence. The carbon footprint objective established by
governments is one of the best examples of environmental factors.
While India has achieved significant progress in recent years, it still faces a myriad of ecological issues,
including air quality, water contamination, landslides, depletion of resources such as water and forest, species
extinction, and consumer waste diversion into rivers. Some of these concerns may make it difficult for
expatriates to reside.
Nevertheless, it is important to note that India offers some of the world's best tourism sites, attracting millions
of visitors each year. Similarly, economical, amazing food, incredible wild life, and wonderful rail experiences
are some of the other aspects that many travellers consider while deciding on India as a vacation destination.
To conclude, despite its many tourist attractions, India is currently dealing with serious environmental
problems. However, India's pledge to reach Net Zero emissions by 2070 at the 26th Conference of Parties
(CoP26) is similar to not just talking the talk, but walking the walk on the climate catastrophe
(Downtoearth.org.in. 2021).

Legal factors
Equal opportunity, advertising standards, consumer rights, product labels and product safety are some of the
legal considerations. As previously said, India is a popular hub for foreign direct investment. Overseas
companies can establish a corporation, branch, or limited liability partnership in the country, depending on the
scale and demands of their operation.
The Companies Act of 2013 governs Indian corporations. In India, there are several labour laws that govern
work interactions, such as the Employees' State Insurance Act 1948 (ESI Act), the Industrial Disputes Act 1947
(ID Act), the Maternity Benefit Act 1961 (MBA), and the Payment of Bonus Act 1965. (PBA) (Ncib.in. 2021).
To conclude, the legal environment in India is favorable for foreign investments.

3. Lylie’s Jewellery Marketing and growth Strategy in India

3.1 The Objectives of the study
This study will go through the various facets of Lylie's Jewellery's expansion in India. The investigation is
aimed to achieve the following objectives.

 To Conduct market research and develop appropriate marketing strategy for company to establish its
brand image in India.
 To Define the company’s product pricing strategy based on the company’s product’s Unique selling
attributes.
 To define the company's promotional strategy in order to establish a brand presence in India.
3.2 Justification
3.2.1 Opportunities in India
Growing demand: According to world gold council, there was a 58% increase in gold jewellery demand in
India from July to September 2021, driven by high pent-up demand, occasion-related gift buying, economic
resurgence and soft gold prices. It appears that the pandemic is under control, as seen by rising vaccination rates
and declining infection rates. This, in turn, has led to a solid comeback in economic activity. Softer gold prices
also attracted a lot of attention from consumers. As India's inflation rate rises, more people are turning to gold
as a hedge against future price increases. Gold demand rises by 2.6 percent for every one percentage point
increase in inflation." The demand for gold, on the other hand, grows by 1.2 percent for every 1% drop in the
gold price.

India Gold Demand

800
700
600
500
400
300
200
100
0
Jewellery Investment (Bar & India Total World total
Coin)

2019 (september) 2020 (september) 2021 (september)

Figure 3 India Gold Demand, Source World gold council

Changing consumer demands: As the fashion accessory industry shifts its focus, so too will the styles that are
most popular at the time. In India, minimalist and stylish jewellery is in high demand. People want to appear
classy without wearing a lot of jewellery. As a result of their desire to appear snooty, they exclusively wear
conventional, classy styles. Traditional and heavy jewellery designs remain popular in India, therefore there is a
lot of room for newcomers in this field. India's heavy jewellery market is shifting toward lighter, classic styles.
As time goes on, new fashions are likely to take over. In addition, During the lockdown time, gold prices rose
and sales increased. In the course of the holiday season, gold's price gained steam and continued to hold
promise.

Product’s Competitive advantage: Eco-friendly jewellery has a low or zero impact on the environment,
including a low carbon footprint. Recycled materials, gemstones, pearls and synthetic diamonds are all
examples of eco-friendly jewellery. Ethical and eco-friendly jewellery protects the environment, as well as the
people with whom we share equal rights, by reducing waste and pollution.
Indians place a higher value on jewellery than anyone else in the world. It's common for families to spend a lot
of money on jewellery for their brides. There are numerous alternatives that can assist lessen environmental
impacts both ethically and ecologically for Indians, given their size as a market. Floral jewellery is commonly
used in the Haldi ceremony for brides at most weddings. Considering how natural materials enhance the bride's
beauty, incorporating jewellery with a more earthy provenance makes sense. Eco-friendly jewellery
manufacturers that are gaining traction in India.

4. Marketing Strategy
4.1 Portfolio Analysis
4.1.1 Country attractiveness:

Attractiveness factor Conditions in India

Political Very stable political system and less acts of terrorism
(TheGlobalEconomy.com. 2021, Tradingeconomics.com.,2021).
Economic India's economy is one of the world's most dynamic. India is a global
leader in many industries. Business opportunities abound in the vast
home market. Among the fastest-growing industries are IT,
telecommunications, healthcare, retail, and infrastructure
(IBEF,2021).
Socio-Cultural India has cheap and plentiful labour. India is a land of various
cultures, languages, and faiths. India is one of the world's most
promising markets in several fields. The nation's middle and working
classes are growing, which is good for the economy (Mondal, P.,
2021).
Technological Third most technologically developed nation in the world with large-
scale IT infrastructure, as well as a well-trained IT personnel (Garg,
S., 2021).
Environmental Some of the world's top tourist destinations are found in India, which
is also home to some of the world's best food, wildlife, and train rides
(Indian mirror.com, 2021).
Legal policies and legislation that encourage foreign direct investment
(Nicb.in 2021)

4.1.2 Competitive strength of selected company: The Indian jewellery market is flourishing, with many
competitors vying for market share in terms of quality, innovation, cost, and aesthetics, all at the same time.
Lylies has a competitive advantage in the jewellery industry because of its focus on sustainability. The idea of
creating personalised jewellery based on a customer's personal preferences is also appealing to Lylies.
4.1.3 Mode of entry: Businesses entering a new foreign market might choose from a variety of entrance
methods. A completely owned subsidiary (Jain, 2003) allows corporations to run their business in a foreign
market without relying on anybody in the nation. In order to maintain control of a firm, this strategy requires a
significant investment of effort, resources, and intellectual capital. Other ways to enter new markets include
exporting the products and partnering with a franchise or licencing company. Companies might also choose to
enter a new market by forming a joint venture with a local business in the new country (Skare, 1993). The best
possible entry for strategy for Lylies is set up a wholly owned subsidiary.
This kind of entry into the new market will help the organisation stay connected to the customers. Aside from
avoiding present or future import duties, this method of market entry will save the company money on shipping
jewellery to buyers. It is, however, the company's responsibility to cover all of the capital expenditures, and thus
carry the risk of failure, as well. However, thanks to the cheap interest rates in India, it is able to borrow money
from the banks.
4.1.4 Segmentation, targeting and positioning
Market segmentation, targeting and positioning is a powerful marketing tactic based on an understanding of the
buying habits of the intended audience. First and foremost, segmentation, targeting and positioning strategies
are designed to focus on the commonalities and mutual needs of a wide-ranging target market.

Source: Wright, M., 2021

Segmentation: Market segmentation is a marketing phrase that refers to grouping potential buyers with
comparable demands and responses. Market segmentation allows businesses to target types of customers who
value products and services differently. Different kinds of segmentations include, Geographic, demographic,
behavioral and psychographic segmentations (Wright, M., 2021). The best segmentation suitable for Lylies is
geographic and psychographic segmentation.
Targeting: Targeting assists in determining which of those groups is most likely to provide the required
conversions (Wright, M., 2021). Lylies can target urban and working-class women as the products are trendy
and stylish.
Positioning: Positioning allows to distinguish the products or service from the competition in the minds of the
target audience. Three positioning elements can help companies to acquire a competitive advantage:
Symbolic positioning: Improve customers' self-image, belongingness, or even ego.
Functional positioning: It entails resolving customer's problem while also providing them with meaningful
benefits.
Experiential positioning: Emphasize the customers' emotional connection to your product, service, or brand.
(Wright, M., 2021)

Lylies can foucus on symbolic positioning as it is suitable for the products offered.
5. Marketing Tactics
Product: A product is a good or service that a business provides to its customers. In an ideal world, a product
should satisfy an existing consumer need. Alternatively, a product may be so compelling that consumers believe
they need it, generating new demand (Twin.A, 2021).
Lylies' product line includes gold and silver jewellery. They create creative collections by using recycled metals
and offer customized choices. However, the company can include a range that reflects Indian culture and history
while also seeming fashionable and stylish.
Price: The price of a product is the amount customers pay for it. Marketers must not only link the price to the
real and perceived value of the product, but also to supply costs, seasonal discounts, and competitors' prices.
Additionally, they must determine when and if discounting is necessary. While a discount may attract additional
customers, it may also convey the impression that the product is less exclusive or luxurious than it was when it
was priced higher (Twin.A, 2021).
Lylies has a premium pricing policy since the jewels are of high grade and have complex embellishments. The
exchange policy offers a high return on investment for customers. In Indian marketplaces, Lylies can enable
product segregation based on price ranges. This allows customers to purchase things based on their ability to
pay and expands the company's market reach.
Place: When a business makes location decisions, it is determining where and how to sell a product. Business
executives' primary objective is to position their merchandise in front of the customers most likely to purchase
them (Twin.A, 2021).
Lylies may open physical stores in big cities because its target clientele are urban dwellers. Furthermore, the
corporation should launch a website for Indian customers so that they may order things online without
difficulty.
Promotion: Advertising, public relations, and promotional strategy all fall under the category of promotion.
The purpose of promotional campaigns is to demonstrate to customers why they require the good or service and
why they should pay a certain price for it. Marketers frequently combine promotion and placement elements in
order to reach their target audiences (Twin.A, 2021).
Lylies' special campaigns may focus on social media platforms such as Twitter, Facebook, and Instagram,
where the new collection can be showcased. Commercials on TV, radio, and print media are also options for the
company.
6. Marketing Action plan

Category Strategy
Target Market The company may target women from metropolitan,
working-class and high-income backgrounds.
Positioning The company may consider concentrating on designs
and pricing that enhance the customers' sense of self-
worth and belongingness.
Offering to customers Jewellery that is both sustainable and elegant,
highlighting the magnificence of modern Indian
working women.
Price Strategy The organization may pursue a premium pricing
strategy in order to increase its profit margins, create
more difficult entry barriers for competitors, and to
build its brand's value.
Sales Strategy As part of its sales strategy, the company may
emphasize the products' USPs (Unique Selling
Points) (sustainable, recycled, and customizable).
Promotion Strategy Focusing more on Digital marketing, Social-media
ads, Personalized communication, Premium event
sponsorships, Reaching target consumer through AI
based technology advertising.

Conclusion:
Lylies should use its brand equity in branded jewellery to join the Indian jewellery market, as there is a lot of
room for growth in the branded sustainable jewellery market there. Brands of high-end jewellery attract a higher
price. Because of this, it should launch its jewellery collection as a separate brand. To overcome social hurdles
and convert traditional gold investors, the corporation should invest in a marketing and advertising plan.
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