Kalyan Jewellers announces first phase of network expansion post IPO
Plans to open 14 showrooms across seven states on the same day - April 24th
Thrissur, March 30, 2021: Kalyan Jewellers, one of India’s largest jewellery companies, has today announced that the brand is planning to increase its retail footprint by 13% in the first quarter itself. The company plans to enhance operations across seven states and will add 14 new showrooms, all on April 24th, 2021.
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. 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.
With remote working leading to a surge in reverse migration, tier-2 and tier-3 cities have proved to be both promising and cost competitive. Betting on the faster recovery and the growth prospects of these cities, Kalyan Jewellers will add nine showrooms across key locations like Noida (Uttar Pradesh), Nashik (Maharashtra), Jamnagar (Gujarat), Pathanamthitta (Kerala), Nagercoil, Madurai and Trichy (Tamil Nadu) and Khammam as well as Karimnagar (Telangana). These new standalone showrooms will offer a safe and hygienic shopping environment, and will retail market specific hyper-local jewellery designs.
Speaking about the company’s expansion plans and strategies, Mr. T S Kalyanaraman Chairman & Managing Director, Kalyan Jewellers said, “During the first quarter we will be adding a total of 14 new outlets and expanding our retail presence by 13%. 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 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.”
Kalyan Jewellers 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 – a golden milestone for the brand. Kalyan Jewellers recently raised Rs.1175 crore through an IPO and most of its proceeds are earmarked towards enhancement of working capital. The brand will enhance its working capital by Rs.500 Crores in the first quarter.
