Kalyan Jewellers to open 10 new stores, expects Rs 11, 500 crore this fiscal
today Oct 1, 2018
Kalyan Jewellers is planning to add 10 stores during the second-half quarter and expects its revenue to jump 10 percent to Rs 11,500 (approx $1.59 billion) from Rs 10,500 in the 2017-18 fiscal.
The jeweller has earmarked Rs 400 crore for the addition of the 10 new stores. The expansion is part of Kalyan Jewellers silver jubilee celebrations in the country and it has already added 10 stores in the first half with an investment of Rs 600 crore.
"We are expanding our retail network aggressively. In this fiscal, we earmarked Rs 1,000 crore to open new stores. Already, Rs 600 crore has been spent to launch 10 stores in the first of this fiscal and the remaining Rs 400 crore will go towards adding 9-10 more stores by March 2019," Kalyan Jewellers, executive director Ramesh Kalyanaraman told PTI.
“The company's turnover will grow by 10 percent this fiscal to touch Rs 11,500 crore as against Rs 10,500 crore in the 2017-18 fiscal,” he added.
Kalyan Jewellers is looking to double that revenue over the next five years and is expected to open another 150 stores during that period.
“The company is targeting to reach 250 stores in the next five years and investments will be met through internal accruals. In the next five years, our turnover should touch Rs 22,000-25,000 crore. There will be sales growth in existing stores and also from new stores to be opened," he added.
Kalyan Jewellers is one of the country’s top jewellery firms with over 100 stores in India and 32 in the Middle East countries like Kuwait, Qatar, Oman, and the UAE.
Copyright © 2019 FashionNetwork.com All rights reserved.