Kerala-based Jewellery retailer kalyan Jewellers has announced to double its retail stores to 250 in India and abroad, as well as the turnover to Rs 25,000 crore over the next five years as the part of growth strategy. Presently, the company has 100 store in India and 32 at international locations.
The company registers the turnover of Rs. 10, 500 crore in the financial year 2017-18. In an exclusive conversation with leading media agency executive director Ramesh Kalyanaraman said, “We are expanding our retail network aggressively. In this fiscal, we earmarked Rs 1,000 crore to open new stores. Already, Rs 600 crore has been spent to launch 10 stores in the first of this fiscal and the remaining Rs 400 crore will go towards adding 9-10 more stores by March 2019.”
The company has no immediate plans to launch its initial public offer to raise funds, he added.
Going further he said, “Our designs in each stores are different. For instance, a store in Punjab has more of polki based designs, while in Chennai it is pure gold-based. However, the flagship stores have the designs of almost all states,” he said.
Gold jewellery contributes to 70 per cent to its sales, while the remaining 30 per cent is from studded including diamond jewellery, he added.