Gitanjali Gems’ premium diamond jewellery brand Gili has come out with the plans to spread its retail network in tier II and tier III cities and towns.
The brand is all geared up to open around 31 stores this fiscal by earmarking the investment of Rs 200 crore.
"We are looking at expanding our store network to 50 this fiscal. Currently, we have 19 EBOs besides 400 shop-in-shops. Our focus will be on Tier II and III cities as the growth is coming in from there," Gili CE0 Rahul Vira asserts.
The demand for diamond jewelry has risen due to the soaring gold prices and thus the consumers are bending towards these set of jewelries.
The company is also hoping to increase its sales revenue by 50% this fiscal.