Orra to open two stores a month ahead of IPO in 18 months

By

Isabelle Crossley

Published
May 30, 2022

Diamond jewellery brand Orra aims to open two stores a month on average to drive growth as it gears up to launch its Initial Public Offer in around 18 months. 

“We are looking at doubling the topline in the current fiscal year with over 35% blended gross margin, since diamonds contribute approximately 85% to the topline,” Orra’s managing director Dipu Mehta told ET Retail in an interview. “Growth will be driven by the addition of a minimum of 24 new stores year-on-year over the next three fiscals [including FY23].”

Orra aims to reach a store total of 82 by the end of the 2023 financial year and a total of 130 stores by the 2025 financial year. The business in investing approximately Rs 10 crore in each new store and future stores will be a mix of company owned and franchisee owned and company operated.

As well as continuing to open stores across India, Orra plans to expand internationally into the Middle East and other areas where there exists a large Indian diaspora, according to Mehta. The Mumbai based brand aims to first open in Dubai, followed by a store in America. 

Orra’s latest store opening was in Preet Vihar, Delhi. The brand aims to capitalise on the shift to branded jewellery and focus on natural studded diamond jewellery.