Gitanjali Gems Ltd has decided to increase its retail space by 300,000 sq ft, in India, this fiscal.
“Last year we added 300,000 sq ft of retail space, which we have now finished. This year we are adding 300,000 sq ft more to further boost our retail presence,” said Mehul Choksi, Managing Director, Gitanjali Group.
The size of the store would be between 1,000 sq ft and 25,000 sq ft and would be on the revenue sharing model.
Gitanjali, one of India's largest jewellery houses, sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India.
It’s learnt that the responsibility of the expansion plan would be given to Gitanjali Lifestyle. The expansion would be carried out for Maya departmental stores, Maya jewellery stores, Bezel-our watch store, World of Silver and Gitanjali Gifts.
The company expects the revenue generation of Rs 200 crore by 2012 from these stores.