In first big expansion post the initial public offering (IPO), leading jewellery brand Kalyan Jewellers on Monday unveiled plans to expand retail footprint by almost 13 per cent in the first quarter itself.
We plan to enhance operations across seven states and will add 14 new showrooms, all on April 24, said the company in a statement.
“While the brand has plans to scale up existing operations in the tier-1 cities, it will also focus on the tier-2 and tier-3 markets, with mid-size showrooms,” the company said in an exchange filing.
Kalyan Jewellers, recently raised Rs 1,175 crore through an IPO and most of it’s proceeds are earmarked towards enhancement of working capital. The brand will enhance its working capital by Rs 500 crore in the first quarter.
The brand currently has 107 showrooms in India and 30 in the Middle East. With the addition of these new outlets, the company will be present in 151 locations.
“In the tier-1 cities, Kalyan Jewellers has plans to launch a total of five new outlets including a flagship showroom. Keeping in mind the overwhelming response the brand received in 2015 for its Chennai outlet, the company plans to open yet another flagship store in the very heart of Chennai’s shopping destination – North Usman road,”
The company will also be strengthening its presence in Delhi, Mumbai and Hyderabad, with a showroom each in Dwaraka, Matunga, Lower Parel Phoenix Palladium and Dilsukhnagar.
Speaking about the company’s expansion plans and strategies, Chairman and Managing Director TS Kalyanaraman said, “During the first quarter we will be adding a total of 14 new outlets and expanding our retail presence by 13 per cent, Kalyan Jewellers has a sizable presence across 21 states, and we are positive that we will be able to capitalise on the foundations that we have laid, and leverage our already established processes, purchase ecosystem system and market understanding to aid growth momentum. We have also put in place strict hygiene measures across all our showrooms, to ensure the safety of our customers.”
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