Melorra plans to strengthen retail presence, earmarks $50 million on expansion
Melorra, a fine jewellery brand is planning massive retail expansion and has earmarked $50 million (Rs 365 crore) to strengthen its offline presence across India.
The company plans to set up 350 stores in metro cities and smaller towns over the next six years. On the back of its retail expansion, it aims to clock revenue of Rs 100 crore in the next financial year.
Melorra has recently raised $12.50 million in a funding round led by Symphony Asia, Lightbox Ventures, Alteria Capital, and other leading family offices, which will be used to fuel its expansion plans.
Melorra’s offline expansion is already underway with the opening of its first brick-and-mortar store in Bengaluru. The Bengaluru store will be followed by store openings in other metro cities, like Delhi in January, and Mumbai within the next six months.
“We expect about 55-60 per cent of our topline to come from these 350 experience centres in the next six years. And expect to clock Rs 100 crore in FY21 and Rs 430 crore in FY22. Since 2016, Melorra has delivered to over 1,900 towns in the country, from villages with a population of less than 10,000 to cities with a population above one million,” Saroja Yeramilli, founder and CEO of Melorra, told Businessline.
Melorra claims to be one of the fastest-growing fine jewellery brands in the country and had recorded a year-on-year growth of 400 percent in FY2019.
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