Published
Dec 10, 2018
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Bluestone plans expansion across India, to add 100 stores in 2 years

Published
Dec 10, 2018

Online jewellery firm Bluestone is looking to strengthen its foothold in the offline jewellery market in India and plans to open around 100 stores across the country in the next two years.



BlueStone is one of the country’s leading e-commerce firms with over 35 percent market share. After capturing a dominant share of the billion-dollar online jewellery market in India, Bluestone is now looking to tap the booming offline jewellery market.
 
The company currently has five company-owned stores in leading metro cities and plans to add another 100 in the next two years. It will be exploring the franchise route for its offline expansion going forward.

"The company has opened five stores so far and plans to add another 100 in the next two years. The stores opened till now are owned by the company, going forward, we will get in franchise partners. Nearly 70-80 percent of the new stores will be added franchise partners, Gaurav Singh Kushwaha, founder & CEO of Bluestone, told the Business Standard.
 
“Company's focus would be metros and tier-1 since the target customers for the brand is millennial. Each of these stores will be spread over in 600-1,000 sq ft and would attract investment to the tune of Rs 15 to 20 crore (approx $2.1 to 2.8 million). Funding our own network is not an issue," added Kushwaha.
 
Since 2011, BlueStone has raised a total of $60 million from marquee investors such as Iron Pillar, IIFL, Accel, Kalaari, RB Investments, Saama Capital, IvyCap Ventures, Dragoneer, Ratan Tata and Meena Ganesh.
 
Bluestone is targeting revenue of Rs 1000 crore in FY19 and expecting to achieve profitability around the same time.
 

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