India’s premier jewellery retailer Gitanjali Group has announced plans to invest Rs 414 crore towards enhancing its retail presence across the globe. The company will be increasing the number of outlets in the UAE to 110 in the next 2 years.
Gitanjali chairman and founder Mehul Choksi told media that the company plans to open a series of stores in the UAE. He added that the company already has 50 shop-in-shop contracts across the country and plans to be in 110 shops in the next one–and-half years. Speaking about the investment, Mr Choksi added that the total investment plan is between US$50-75 million for the expansion of the retail presence. The company is also planning to increase its brand presence in places such as Qatar, Kuwait and Bahrain.
The expansion of the company is also expected to create around 75 new jobs over the next 2 years and though presently it targets the expatriate Indian market, it will also look to launch products that cater to the Arab market.
With more than 4000 point of sales, the Gitanjali Group is one of the largest jewellery retailers from India with a strong global presence. The company has outlets in China, the US, the UK and Japan.
Indian jewellery market
According to brand expert and public relations professional Enakshi Kundu, “There is a growing demand for jewellery coming from India. International consumers are now looking for exotic and ethnic designs, which have helped some of the jewellery retail giants to set up stores in other parts of the world.”
Gitanjali Group posted phenomenal growth in its FY12 Q4 results recently. The company reported an 8.55% rise in net profit and a whopping 46.55% in sales for Q4 against the corresponding period in the previous fiscal.
The ambitious retail expansion plan of the company in the last year has been one of the key growth drivers for the firm.