PCJ raising funds for expansion
Jewellery maker will be expanding into new and emerging towns this year.
Tags: PC JewellersJanuary 25, 2013 | comments ( 0 ) |
PC Jewellers raised 609 crore after getting listed on NSE and BSE on December, 10th, 2012. Company is aiming to open new stores in Gujarat and places down south like Bangalore, and Chennai. The fund raised will be used in the expansion of PC Jewellers across India.
PC Jewellers are pushing up the sales of Diamond jewellery as margins are higher on diamond. The company will be opening four stores in the state of Gujarat. “We are focusing on the smaller cities as our target is to take over the unorganised share and this is possible if we start exploring new places” said Balram Garg, Managing Director, PC Jewellers. The average size of the new stores will be around 5,000 square feet area depending on the location. Garg denied any prospects of taking the franchise route for the expansion and said “The raised fund is enough for us to expand and we are currently not looking for franchisees”.
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