Kalyan Jewellers Eyes Rs 13,000 cr Turnover This Fiscal
Kalyan Jewellers announced that it is looking to achieve a turnover of Rs.13,000 crore during this financial year.It is looking to do this by banking mainly on its Rs.900 crore retail expansion plans through 20 stores in India and in the United Arab Emirates (UAE).
The company which has 76 stores in India and 21 in Qatar, Kuwait and the UAE will fund expansion plans via own resources.Commenting on this, Ramesh Kalyanaraman, Executive Director said, “There are no immediate plans to raise funds. And, the company has already invested Rs.300 crore towards six of the 15 showrooms it planned to set up in the country this fiscal.”
The company said that 3 stores have come up in Rajasthan in April and another 3 are expected in Kolkata.Moreover, 5 stores are in the pipeline in Uttar Pradesh and Madhya Pradesh while the remaining 9 will be in South India.
He added, “We are targeting a 30 per cent jump in turnover to Rs.13,000 crore this fiscal. Expansion will be through company-owned stores only. As of now, the focus is to have stores in tier I cities outside South India.”
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