Home Latest News Kalyan Jewellers eyes Rs 13,000 crore turnover this fiscal

Kalyan Jewellers eyes Rs 13,000 crore turnover this fiscal

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Kerala-based is eyeing a turnover of Rs 13,000 crore this fiscal (FY-17) banking primarily on its Rs 900-crore retail expansion plans through 20 stores in India and in the United Arab Emirates (UAE).

Kalyan Jewellers eyes Rs 13,000 crore turnover this fiscal
They are banking primarily on their Rs 900-crore retail expansion plans through 20 stores in India and in the UAE

The company, which has PE investor Warburg Pincus as a minority shareholder, will fund expansion plans mostly through own resources. It has 76 stores in India and 21 in Qatar, Kuwait and the UAE.

The company was the largest in terms of single-ownership outlets (as against the franchisee model). It plans to add 22 new showrooms to the present 100 retail outlets. Of these, 25 were outside south India and 21 outside India.

They are planning on adding more stores in West Asia – specifically in Malaysia, Sri Lanka and Singapore.

They have unveiled three stores in West Bengal on the occasion of Akshay Tritiya on Monday. Kalyan Jewellers spent Rs 150 crore on its Kolkata entry.

Kalyan Jewellers has until now been depending on retail outlets for sales, but executive director Ramesh Kalyanaraman was quoted by The Economic Times as saying that the company is now looking at the online retailing space to draw the attention of young India through contemporary styles.

“We have tied up with Flipkart for online retailing of our jewellery. But we will be launching our own ecommerce operations during Diwali so we can take advantage of Dhanteras and festive season sales,” Kalyanaraman was quoted by The Economic Times as saying.

The company has 2,000 contract manufacturers across India from whom it sources its gold and diamond jewellery. It also has two manufacturing units in southern India and one in Sharjah, in the UAE, for supplying to retail outlets in GCC countries.

Kalyan Jewellers, which is aiming at 30% turnover growth in 2016-17, is also expanding its rural business through its 650 ‘My Kalyan’ stores, which are located in the interiors of rural India.