The top fashion jeweller now faces a bleak future.
In November 2017, Nirav Modi (47) moved into a sprawling corporate office in Lower Parel, Mumbai, to run his global business empire from there. The office was on the 20th floor of a plush building. Even on the first day in the new office, Mr. Modi was seen working with his design team to create the next luxury jewellery.
Nirav had the burning desire and ambition to build a globally known Asian fashion jewellery brand, having boutiques on the high streets of fashion cheap canada goose capitals. Till recently, there was no hint or indication that he canada goose outlet uk sale was involved in a massive 11500 crore scam, India’s biggest ever.
Early startNirav literally means silent. He speaks in a very low voice. This 5.5 feet tall, slim handsome man with a receding canada goose outlet shop hairline, has been a recluse.
Born in Antwerp, Belgium, where his parents now reside, Nirav did his schooling there and, after dropping out of Wharton, relocated to Bombay at the age of 19. “I was born to a family which is into diamonds for seven generations. buy canada goose jacket cheap As a young boy, I heard my father and grandfather talking about the trade. I started working at the early age of 19 when I moved to canada goose jacket outlet Bombay to work for my canada goose uncle for 10 years in buying and selling polished diamonds,” canada goose outlet new york city Nirav Modi said in an interview to The Hindu in November last year, possibly his last to the Indian media canada goose uk black friday before news of the scam broke.
In 2000, he ventured out on his own and started cheap Canada Goose Firestar Diamond International Canada Goose Outlet with 15 employees, buying and selling diamonds. In 2002, his company became a jewellery contract manufacturer for a diamond customer. armed forces.
“In canada goose clearance sale 2009, with the chaotic financial climate, we got into a good position and canada goose outlet Canada Goose Online nyc expanded. So at that time, we opened marketing offices in Dubai, Hong Kong, and canada goose outlet online uk sourcing offices in Antwerp and manufacturing plants in Moscow and https://www.dvu-nds.de Johannesburg,” he said.
In 2009, by chance he got into luxury fashion jewellery, which gave him an international official canada goose outlet name. “I had a friend who wanted me to design a pair of earrings for her. The first time, I said no. After a few meetings I agreed and made a simple pair of earrings. She was very happy. This inspired me and I decided canada goose outlet jackets to start an Indian global luxury jewellery brand,” Mr. Modi said.
Nirav brandAt the end of 2010, when he was making the ‘hero jewellery piece’ for the launch of his brand, Christy’s heard of it and they put it up for auction. It was sold for 16 crore against the base price of 12 crore. “It worked out well and we got worldwide recognition. In December 2010, we launched the Nirav Modi brand,” he said.
Retail storesIn March 2014, he ventured into retail stores, the first one at Defence Colony, New Delhi. Then he opened canada goose black friday sale stores in Mumbai, Hong Kong, New York, London, Las Vegas, Honolulu, Beijing and Singapore. In all, 15 stores now.
His plan was to open 100 such stores by 2025, of which 85 would be outside India.
Nirav Modi, whose clientle included those frequenting red carpet events such as the Oscars, does not draw the designs. “I speak the thinking and my people sketch and then the design is made. I design every single jewellery, whether it is priced at 5 lakh or 5 crore,” he said.
His range starts at 2 lakh and the most expensive one costs 105 crore. Most of his collection is priced between 5 lakh and 20 lakh and he competes with Cartier and Tiffany Co.
InnovationsSome of his collections were stretchable. “We are known for innovations. We manufacture stretchable bangles and canada goose outlet in usa rings. This is an innovation and engineering. This is where art meets science. So this is why my fashion jewellery is in demand,” he said.
Mr. cheap canada goose canada goose outlet Modi’s global business was supported by his workshop in Kurla, suburban Mumbai.
A global citizen and a frequent traveller, his family lives in New York. Mr. Modi said his children are too young and are yet canada goose outlet toronto factory to decide what to do.
The only Asian fashion jeweller to go international, having a presence in the Bond Street of London or the golden area of Madison Squire, Nirav Modi now faces bleak future.