Caratlane plans to reach 90 stores by end of FY20
Omnichannel jeweller Caratlane is looking to strengthen its retail presence across India by opening 28 new stores to reach a store count of 90 by end of the financial year 2019-20.
The company also expects to be operationally profitable by the end of the current financial year on the back of its retail expansion.
“Retail is a major growth driver and time and research has shown that Indian consumers are still comfortable with physical shopping when it comes to buying jewellery. We have opened around 60 stores in a few months and we are expanding this year,” Rajan Amba, chief operating officer at Caratlane told the Telegraph.
“At present, our focus is largely on tier-1 cities. Sixty percent of our expansion will be in tier-1 and 40 percent in tier-2 locations. We can open more stores in the locations where we are already present,” he added.
Caratlane was founded in 2008 by Mithun Sacheti and Srinivasa Gopalan. At present, the company has around 62 stores.
Caratlane had posted revenue of Rs 421 crore ($60.7 million) in 2018-19 narrowing its losses to Rs 38 crore in the process as against Rs 82 crore it had posted in the previous fiscal.
Copyright © 2021 FashionNetwork.com All rights reserved.