Bandhan Jewels to expand retail presence
today Jan 3, 2019
Bandhan Jewels, owned by Style Quotient Jewellery Private Limited is looking to expand its retail presence in India and plans to add 50 stores in the next five years.
The company is looking to tap the booming jewellery market with offline expansion and is currently looking out for franchise partners to support its offline expansion plan.
Bandhan Jewels which entered the Indian jewellery market in June last year is confident that its retail expansion coupled with strong market strategy will help boost sales in the coming years.
The gems and jewellery market in India is estimated to be around US$75 billion and is expected to reach US$100 billion by 2025, according to statistics by the Gems and Jewellery Export Promotion Council (GJEPC).
“We are already searching for franchises and have already appointed a few in India. We have an extremely aggressive growth plan and we intend to open 50 stores in the next five years. We currently aren’t looking into the online space, because we believe that most consumers prefer to buy expensive items from brick-and-mortar stores,” Prasad Kapre, CEO and director of Style Quotient Jewellery Pvt Ltd, told the Indian Retailer.
Bandhan Jewels is a joint initiative of Style Quotient Jewellery Private Limited, Jewellery & Lifestyle Mart India, and P.N. Gadgil.
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