PC Jewellers to invest Rs 1,500-cr to open 200 new outlets

Leading jewellery brand PC Jewellers plans to invest Rs 1,500 crore and launch 200 new outlets by 2019
PC Jeweller to invest Rs 1,500-cr to open 200 new outlets

Leading jewellery brand PC Jewellers plans to invest Rs 1,500 crore and launch 200 new outlets by 2019. Out of the 200 new outlets, 100 will be company-owned and others based on the franchise model.

"We plan to open 100 company-owned outlets and we will open 100 franchised outlets in tier III and tier IV towns by 2019. We will invest about Rs 1,500 crore for our expansion," PC Jeweller Managing Director Balram Garg told PTI.

The company, which at present has 50 company-owned outlets across the country, will get into franchising its outlets in the next fiscal, he added.

When asked how the company will fund its expansion, Garg said: "It will also be done through internal accruals."

PC Jeweller also plans to launch a new sub brand in every 3-4 months.

"We will open a new sub brand in every 3-4 months. We will also launch a new range under 'Flexia' brand and a new brand in April," Garg said.

PC Jeweller's sub brands include its detachable jewellery brand 'Flexia', studded jewellery under Spectrum brand and Le Reve brand targeting youth.

On growth plans, the company is targeting over 20 per cent increase in its turnover next fiscal.

"We are hoping for positive announcements from the upcoming Budget to boost our industry. We are eying over 20 per cent growth next fiscal," Garg said.

The company reported a turnover of Rs 5,200 crore in the previous fiscal. At present, gold contributes 70 per cent to total turnover and diamond's share is 30 per cent.

The company expects contribution of diamond sales to total turnover growing at 35 to 38 per cent in the next 5 years.

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