Jewellery Retailer Kalyan Jewellers to Launch 33 New Showrooms by Diwali

Kalyan Jewellers, a prominent jewellery retailer based in Mumbai, has announced plans to inaugurate 33 new showrooms by Diwali. This move is set to increase the total number of new outlets launched during the current financial year to 51 across India. The announcement was made through a regulatory filing on Friday, October 6.

Expansion Across Kalyan and Candere Formats

The company's expansion plan includes unveiling more showrooms across two formats - Kalyan and Candere. Specifically, there will be 26 Kalyan format stores and seven Candere ones. The company’s ambitious growth strategy aims at solidifying its presence in both existing and new markets across the country.

Past Performance Fuelling Future Growth

Earlier this year, Kalyan Jewellers added 13 new showrooms across non-South markets during the recently concluded quarter. Following that success, it now intends to launch an additional 26 showrooms within the next 40 days as part of its previously announced showroom roll-out plan.

A Robust Financial Quarter

In its Quarterly Update: Q2 FY24 report, Kalyan Jewellers revealed strong financial performance with consolidated revenue growth of 27 per cent compared to the same period in the previous financial year. This growth was driven by robust momentum in footfalls and sales from all markets within India as well as from their Middle East operations.

The jewellery giant also reported impressive revenue growth for its Indian operations specifically - clocking a rise of 32 per cent during Q2 FY24 when compared with the same period last fiscal year. It attributes this significant surge to increased consumer demand for gold and diamond jewellery products amidst easing COVID-19 restrictions.

Conclusion

To conclude, Kalyan Jewellers' aggressive expansion plan of adding 33 new showrooms by Diwali comes on the back of a strong financial performance. The company's robust growth in both footfalls and sales across all markets has enabled it to pursue this ambitious rollout plan. With its focus on expanding across both Kalyan and Candere formats, the jewellery retailer is poised for further growth in the coming quarters.