Kalyan Jewellers witnesses double-digit growth, to continue retail expansion
Kalyan Jewellers, one of India’s largest jewellery brands has witnessed double-digit growth during the October-December, period despite the ongoing economic slowdown in the country.
The company is also on an expansion spree and plans to open a new showroom in Kuwait later this month to strengthen its presence in the Middle-East.
On the back of its retail expansion and assurance programmes, Kalyan Jewellers is eyeing strong sales this year, and expects its next phase of growth to come from tier 2, 3 and other smaller towns from across India.
“There’s a rapid shift from the unorganised to the organised market, pushing up demand for gold among organised players like us. As a result, the company has seen a healthy double-digit growth in the festive quarter despite a consumption slowdown,” TS Kalyanaraman, chairman and managing director of Kalyan Jewellers, told the New Indian Express.
“The growth of organised players in the last few years has paved the way for rapid adoption of BIS certification. Assurance programmes too have been gaining ground and this is a special initiative to enhance the brand’s commitment towards offering the very best to its loyalists,” Kalyanaraman said.
“The next phase of growth will come from smaller towns as aspiration for gold jewellery in these regions is more than that in tier 1 cities, where the organised industry is already doing well,” he added.
Kalyan Jewellers plans to add 20 to 25 stores every year to take its store count to 250 by 2023, and has set target revenue of Rs 25,000 crore ($3.52 billion).
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