New Delhi: Pune-based PN Gadgil Jewellers is planning to open nine stores across Indian and in UAE with investment of Rs 250 crore.
By September 2015, the Jeweller is planning to add nine stores for gold and diamond jewellery including a second one in the US and one in Dubai.
"After the expansion in Maharashtra and new stores in Indore, Hubli and Goa, the company will have 20 stores and a presence in four states. The expansion will help PNG grow the top line by 60 per cent by end of 2017," P N Gadgil Jewellers Managing Director Saurabh Gadgil said.
According to an ET report, PNG has joined hands with couturier Tarun Tahiliani to design the bridal and party-wear collection of its subsidiary Style Quotient. This collection is likely to be launched in this summer.
The report went on to add that PNG is also planning to launch sports jewellery, casual jewellery to go with denims, ethnic and classy jewellery for different occasions. The price of silver fashion jewellery will range from Rs 500 and Rs 50,000.
For this expansion, the company is planning to invest Rs 250 crore, he added.
Currently, P N Gadgil Jewellers has 14 retail stores in Maharashtra, Delhi and the US.
P N Gadgil Jewellers has also recently set up a new diamond jewellery factory.
"Our diamond factory, which has a capacity to produce 5,000 pieces a month, will design unique hand-made diamond jewellery that will amalgamate with evolving market. This new venture is just the beginning. There's a lot to be done," Gadgil said.