KSS Ltd, the digital and entertainment major, has forayed into the jewellery retailing business under the franchise model and is looking to open 500 stores under brand ‘Bjewelz’ with a turnover of Rs 6,000 crore in three years.
According to a report in PTI: ‘Bjewelz’ Brand is owned by Birla Jewels Limited, a wholly owned subsidiary of KSS Ltd. The company also plans to invest Rs 100 crore over the next three years on branding and infrastructure.
“Jewellery retail industry has a lot of growth potential. We will open our first two stores by the end of this month in Bihar. We plan to open 500 stores under brand ‘Bjewelz’ and we are expecting a turnover of Rs 6,000 crore in three years time,” said Director, Birla Jewels Ltd, Nikita Rattanshi.
Elaborating on the company’s investment plans, Rattanshi said: “We will invest Rs 100 crore in three years. Investment will be used for infrastructure, branding, manpower, etc.”
On expansion, she said: “We plan to open around 70 stores this year. The idea is to convert the jewellers in the un-organised market into branded shops of Bjewelz. Our focus is on opening stores in tier 2-3 cities.” The company is eying Rs 200-250 crore turnover this year, she added.
The company also operates its e-commerce portal under the brand www.cherishgold.com.
‘Bjewelz’ is owned by Birla Jewels Limited. ‘Bjewel’s’ franchisee model is designed to ably satiate the aspirations of people with a passion for jewellery. This business model is based on a tried and tested formula and presents an apt opportunity for anyone seeking an improvement in their lifestyle. The format is designed to not push the product to customers and rather sells on its own credibility, basis a universal fact that women love jewellery and this attraction drives our sales.
The concept also aims to revolutionize the ways currently jewellery is purchased and sold in the industry and to improve the efﬁciency of each business process such as sales & distribution, marketing, merchandising and sourcing, operational excellence, maximum utilization of working capital and effective utilization of human resources.