Kalyan Jewellers aiming for faster retail expansion, 25% revenue growth

Kalyan Jewellers is reportedly targeting revenue growth of more than 25% this financial year as the gold and diamond retailer quickens store openings amid a rising preference for lower-carat jewellery, its executive director said on Tuesday, according to media reports.

According to a Reuters report citing Kalyan Jewellers' Executive Director Ramesh Kalyanaraman, consumers prefer established chains over independent jewellers, and are also shopping frequently, and spending more on gifts. The jeweller, which had 278 showrooms branded "Kalyan" and 73 stores under the "Candere" brand in India at March-end, reportedly plans to open stores at 160 new locations this fiscal year, with the additions split evenly between the two brands.

According to reports, Kalyan Jewellers plans to catch up with rival Titan's "Tanishq" store count.

Ramesh Kalyanaraman is also reported to have said that the company’s revenue would "easily" rise over 25% for the fiscal year that began in April.

For the year ending March 31, Kalyan Jewellers reported a more than one-third rise in revenue aided by double-digit percentage same-store sales growth as it opened 136 stores in India.