Published
Aug 7, 2017
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Joyalukkas plans massive expansion across India

Published
Aug 7, 2017

Jewellery major Joyalukkas owned by the multi-billion-dollar conglomerate Joyalukkas Group is planning to expand its retail footprint across India.


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The company is betting big on the world’s no. 2 gold consumer -- India, and will invest a whopping 600 crore (approximately $95 million) on its retail expansion in the country.
 
"We will set up 15 new stores in metros and major cities in India, each measuring 3,000 square feet. There are enough growth opportunities in India even after introduction of 3% GST on gold. We have decided to invest Rs 600 crore in the current fiscal to expand our retail footprint in India," Joy Alukkas, chairman of Joyalukkas Group was quoted as saying, by the Economic Times.

Joyalukkas has also got Bollywood actress Kajol as brand ambassador for its India and overseas operations. The actress will endorse the jewellery brand in FY18-19.
 
Joyalukkas had clocked a turnover of Rs 13,000 crore (approx$2.04 billion) in FY17 from its Indian and overseas operations
 
Joyalukkas started as a single jewellery showroom in the year 1986, and in a span of 28 years has expanded its presence in eleven countries; i.e., India, UAE, USA, UK, Singapore, Malaysia, Saudi Arabia, Qatar, Bahrain, Kuwait and Oman. The Kerala-based jewellery major has over 130 stores in India and overseas markets.

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