Kalyan Jewellers on an expansion spree

Kerala based popular jewellery chain Kalyan Jewellers is looking at a revenue target of Rs 13,000 crore with plans to open 20 retail stores in this FY, according to a PTI report. As a part of their expansion plans they are opening 5 stores in the UAE market at Dubai and Qatar and in India is entering into markets like Madhya Pradesh and Uttar Pradesh. In the first half of this year, the brand entered markets like Rajasthan and West Bengal.
 
“We are on expansion mode now. We have opened two showrooms in Chennai with investments of Rs 150 crore. As of March 2016, we were the first to cross revenues of Rs 10,000 crore. This year, we are looking at revenues of Rs 13,000 crore,” said Executive Director Ramesh Kalyanaraman.
 
The brand has earmarked Rs 900 crore for expansion. "We are also looking at entering Malaysia and Sri Lanka next year,” he said, adding the company has emerged as the preferred jewellery brand, particularly for Indian customers in the Middle East.
 
The company has seen 2,500 footfalls on an average every week and has looked at expanding schemes with the launch of the Kalyan Priority Programme.