Kalyan Jewellers to invest Rs 1,000 crore on expansion, enter US market

Kalyan Jewellers has planned massive expansion in India and overseas markets earmarking Rs 1000 crore (approx $145.3 million) for the opening of 20 exclusive stores during the financial year. The company will also be strengthening its international presence by foraying into the US market this year.
Kalyan Jewellers to invest Rs 1,000 on expansion, enter US market - Kalyan Jewellers - Twitter

Kalyan will invest Rs 500 crore over the next one month for opening 10 stores in India while the remaining Rs 500 crore will be invested the second half of the fiscal.
"We will first invest Rs 500 crore to open 10 new stores in the next three weeks - one each in Indore, Kanpur, Ranchi, Raipur, Siliguri, Guwahati and Nagpur, and three in Delhi-NCR," Kalyan Jewellers chairman and managing director TS Kalyanaraman was quoted as saying by PTI.
“The company is also planning to open another 10 stores with an investment of Rs 500 crore in the last two quarters of FY19, and also enter the US market. The funds for this expansion will be raised through internal accruals and all the stores will be company-owned,” he added.
Kalyan Jewellers is one of the country’s top jewellery firms with 90 stores in India and 32 in the Middle East countries like Kuwait, Qatar, Oman and the UAE. It has posted sales revenue of Rs 10,500 in fiscal 2017-18.
Kalyan has a host of celebrities as brand ambassadors which include Katrina Kaif, Amitabh Bachchan, Jaya Bachchan, Nagarjuna, Prabhu, Shivaraj Kumar and Manju Warrier.

Copyright © 2019 FashionNetwork.com All rights reserved.