Jewellery brand on Saturday clarified why it withdrew its featuring actor Kriti Sanon, saying the decision was driven by concerns over the safety of its on-ground employees and stores rather than a change in its position on the campaign’s message.
Addressing the controversy on Instagram, GIVA founder Ishendra Agarwal said that there had been a perception that the company had backed away from the campaign and its message following the backlash.
Agarwal said the brand’s belief in the campaign’s intent “remains unchanged”. According to him, the advertisement was created in collaboration with Sanon and was intended to celebrate Raksha Bandhan as a festival that brings families together.
The episode puts the spotlight not just on the advertising controversy but also on the business Agarwal has built since entering the jewellery market in 2019.
From ₹10 lakh investment to nearly ₹5,000 crore valuation
Agarwal entered the jewellery business after identifying a shift in how Indians could buy and wear jewellery. His thesis was that jewellery would increasingly be treated as an everyday accessory rather than purely an investment, Moneycontrol reported.
That idea led to GIVA, a Bengaluru-based fine jewellery brand co-founded by Agarwal, Nikita Prasad and Sachin Shetty.
The company started with an investment of ₹10 lakh. Its latest valuation, according to Tracxn data cited in the information shared, stands at about ₹4,924.55 crore as of July 28, 2026.
Daily orders jumped from around one to nearly 250 in a single day, forcing the founders to pack orders through the day and night. The company soon ran out of inventory.
GIVA entered a market where established online jewellery brands were already present. Agarwal believed there was room for a more affordable proposition.
Gold, he said, was expensive, making higher-value jewellery purchases more difficult to sell online. The company therefore focused on silver jewellery, positioning it as a premium yet relatively accessible offering.
Why did GIVA pull down the ad?
The founder said the decision to remove the advertisement was taken quickly after the situation around some of GIVA’s stores escalated as the company remained a loss-making entity.
“Incidents creating an unsafe environment for our on-ground teams” prompted the company to act, Agarwal said, adding that the safety of employees and stores was the brand’s first responsibility.
The clarification provides a business rationale for the withdrawal, coming after GIVA had earlier said on August 26 that it was removing the advertisement “out of respect”.
In its earlier statement, the company said it respected Indian culture, traditions and festivals and that the campaign was intended to celebrate Rakshabandhan with families and pets.
GIVA added that if the advertisement had inadvertently hurt the sentiments of some sections of society, that was not its intention.
What triggered the controversy?
The advertisement featured Sanon wearing a bralette-style blouse with a cape and draped skirt while celebrating Rakshabandhan. She was also shown tying a rakhi to a dog.
The campaign drew criticism on social media, with some users objecting to Sanon’s attire in an advertisement centred on a traditional festival. Some also questioned the inclusion of the pet in the campaign.
The backlash also triggered political reactions. BJP MP criticised the advertisement and questioned the styling, while Rahul Gandhi came out in support of Sanon.
Sanon herself responded to the criticism, arguing that the meaning of a festival should not be judged by what a woman wears. She said Rakshabandhan represented a bond of protection and that the sentiment extended to pets as members of the family.
What Agarwal’s clarification means
Agarwal’s clarification in the episode suggests that the brand’s decision to withdraw the advertisement was more a risk and safety decision than rejection of the creative direction.
GIVA’s consolidated net loss increased to ₹72.35 crore in FY25 from ₹58.65 crore a year earlier. EBITDA stood at negative ₹51.30 crore.
The numbers point to a business that has scaled significantly but continues to spend as it expands its retail footprint and operations.
For Agarwal, the latest controversy comes at a time when GIVA has grown from a ₹10 lakh investment into a nearly ₹5,000-crore-valued jewellery business. While the brand has withdrawn the Raksha Bandhan ad, he has made it clear that the decision was driven by concerns over the safety of its employees and stores, not a change in its belief in the campaign’s message.