$50 Million and 5 Generations in Jewelry
Description
Company Stats
- Revenue: $50 Million+
- Employees: 1,000+
- Founded: 1900
Episode Highlights
✅ Vummidi Bangaru Jewelers has over 1,000 employees and $50 million in revenue.
✅ The company is expanding from India to the U.S., starting with a flagship showroom in Texas.
✅ Transitioning cultural approaches from India to the U.S. market has been a unique and educational experience.
Episode Summary
In this episode of "Failing to Success," Scott Bates, CEO of Vummidi Bangaru Jewelers, shares the remarkable journey of the oldest and largest luxury jewelry brand in southern India as it expands into the U.S. market. With over 1,000 employees and a revenue exceeding $50 million, Vummidi Bangaru Jewelers recently opened its first flagship showroom in Texas. Scott discusses the challenges of transitioning the business to the U.S., the importance of melding Indian and American cultures, and the lessons he has learned from his diverse career background. The company's future plans include expanding into Northern California and Virginia, emphasizing the importance of in-person shopping experiences for luxury jewelry.
Notable Questions We Asked
Q: How many employees does Vummidi Bangaru Jewelers have currently?
A: We have over 1,000 employees and are continually growing.
Q: What is the revenue of the business?
A: Over $50 million.
Q: How did you get involved with Vummidi Bangaru Jewelers?
A: I was recruited for my background in jewelry, diamonds, marketing, and management, and was selected after several meetings and a trip to Chennai.
Q: How has the transition of the business to the U.S. market been?
A: It's been unique and educational, integrating Indian and U.S. cultures to cater to a younger demographic of Indian-Americans.
Q: Do you plan to expand throughout the U.S. with multiple showrooms?
A: Yes, we're looking at markets in Northern California, Virginia, and more locations throughout the U.S.
Chapters
00:00 Intro
00:10 Company Stats
00:46 Scott's Journey to Vummidi Bangaru Jewelers
01:12 Transitioning Cultures: India and the US
02:04 Scott's Career Before Jewelry
04:27 Entering the Jewelry Industry
05:56 Expansion Plans and Customer Experience
07:52 Connect with Vummidi
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