The jewellery retailer is planning to increase its retail footprint by 13% in the first quarter and enhance operations across seven states, adding 14 new showrooms all on 24 April 2021.
Kalyan Jewellers India said that it will also focus on the Tier-II and Tier-III markets, with mid-size showrooms. In the Tier-I cities, the company plans to launch a total of five new outlets including a flagship showroom. The company plans to open another flagship store in Chennai's 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.
Kalyan Jewellers is set to add nine showrooms across key locations like Noida (UP), Nasik (Maharashtra), Jamnagar (Gujarat), Pathanamthitta (Kerala), Nagercoil, Madurai and Trichy (TN) and Khammam and Karimnagar (Telangana). These new standalone showrooms will offer a safe and hygienic shopping environment, and will retail market specific hyper-local jewellery designs.
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. Kalyan Jewellers recently raised Rs 1,175 crore through an IPO and most of its proceeds are earmarked towards enhansement of working capital. The brand will enhance its working capital by Rs 500 crore in the first quarter.
Shares of Kalyan Jewellers India rose 0.60% to Rs 75.75 on BSE. On a consolidated basis, the company reported a net loss of Rs 80.49 crore and revenue of Rs 5,516.70 crore in the nine months ended on 31 December 2020.
Kalyan Jewellers is one of the largest jewellery companies in India in terms of revenues. The company designs, manufactures and sells a wide range of gold, studded and other jewellery products across various price points ranging from jewellery for special occasions, such as weddings, which is the highest-selling product category for the company, to daily-wear jewellery.
Shares of Kalyan Jewellers India entered the bourses on 26 March 2021. The stock was listed at Rs 73.9, a discount of 15.06% to the IPO price. The IPO of Kalyan Jewellers India was subscribed 2.61 times. The issue opened for bidding on 16 March 2021 and closed on 18 March 2021. The price band for the IPO was set at Rs 86-87 per share.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU