Cashing in on the dip in rentals, Gitanjali Group will focus on retail expansion in tier-II and tier III cities by spending Rs 300 crore this year.
“This year our focus will be more on retail expansion. The lowering of rentals has given us immense opportunity to open more stores and expand footprint,” said Mehul Choksi, chairman and managing director of Gitanjali Group.
Gitanjali plans to open 150 stores this year for both jewellery and lifestyle brands. “Of the new stores, around 100 might coming up in tier-II or III cities such as Bhadra and Siliguri. The company will spent Rs 300 crore on this year’s retail plans,” Choksi said.
Further, 30 to 40 stores will be lifestyle stores. The stores retail several premium brands in jewellery, watches, silverware, perfumes, cosmetics, leather and accessories. Gitanjali now has six flagship stores and over 250 shop-in-shops to retail lifestyle products.
Gitanjali had last year acquired Trinity Watch and Hoop Silver jewellery. Trinity Watch company has several international brands like Iris, Saint Hanore, Umbro and Everlast. Hoop deals with daily-wear jewellery in silver, titanium, steel, wood and leather.
Source: Financial Chronicle