Kalyan Jewellers has announced plans to increase its retail footprint by 13% in the first quarter of FY22.
The company plans to enhance operations across seven States and will add 14 new showrooms, all on April 24, 2021.
While the jewellery major plans to scale up existing operations in tier-1 cities, with five new outlets including a flagship showroom in Chennai, it will also focus on tier-2 and tier-3 markets by adding nine mid-size showrooms.
“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,” said T.S. Kalyanaraman, CMD, Kalyan Jewellers.
The company said it recently raised ₹1,175 crore through an IPO and most of its proceeds were earmarked towards enhancement of working capital.
The company said it would enhance its working capital by ₹500 crore in the first quarter.