Chennai | Kerala-based Kalyan Jewellers is looking at clocking a turnover of Rs 13,000 crore by the end of the current financial year, a top official said here today.
It is also looking at spending Rs 850 crore on expansion, which includes the upcoming mega store in Chennai.
We are targeting turnover of Rs 13,000 crore. We just closed our revenues at Rs 10,000 crore, Kalyan Jewellers Executive Director Ramesh Kalyanaraman told reporters here.
The company has been growing 30 per cent year-on-year, he said, adding that it plans to invest Rs 850 crore on nation- wide expansion.
Currently, we have 77 outlets. The 78th outlet will be our first store in Chennai which we will be opening on April 17. Around Rs 500 crore of investments will be made in expansion of our outlets in Chennai alone. Remaining Rs 350 crore will be invested for opening stores across the country, he said.
In Chennai alone the company plans to have five stores by next financial year.
Kalyan Jewellers Chairman and Managing Director T S Kalyanaraman said the Rs 200-crore, three storied Chennai outlet would be the flagship store for the company as it would be set up on 40,000 sq ft.
Claiming it was the world’s biggest showroom for any jewellery manufacturer, he said: Rs 200 crore investments were made in the flagship store. It can accommodate 500 customers at a time and five lakh designs will be on display.
Kalyan Jewellers brand ambassadors, Bollywood Superstar Amitabh Bachchan, actress Aishwarya Rai Bachchan and Manju Warrier, Telugu superstar Nagarjuna, Tamil film actor Prabhu, his son and actor Vikram Prabhu will participate on the inauguration scheduled for April 17.
Observing that Chennai was the biggest market for gold across the globe, Ramesh Kalyanaraman said the company was self-funded for the expansion plans.
He said Warburg Pincus recently made equity infusion of Rs 1,200 crore.
To a query, he said the company will have 100 stores by the end of March 2016.
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