Kalyan Jewellers says it will enter the US market later this year. It said it was witnessing ‘encouraging trends’ in the advance collections for the upcoming Akshaya Tritiya, as well as purchases for the upcoming wedding season.
The leading gold and jewellery company announced its American foray later in the current financial year in its quarterly filing to the stock markets on Friday morning. The plan is to launch at least 130 showrooms in India, and 6 across the Middle East and the USA.
The company said it had a consolidated growth of 31 per cent in the last financial year and a revenue growth of 38 per cent in the January-March quarter for its India operations.
“The recently concluded quarter has been a very encouraging one, having witnessed continued robust momentum in both footfalls and revenue across all our markets in India and the Middle East despite a sharp rise in gold price during the second half of the quarter,” said Ramesh Kalyanaraman, executive director, Kalyan Jewellers.
In the last financial year, Kalyan had launched 71 showrooms, taking its total number of showrooms presently to 253, across India and the Middle East.
As part of its strategy to reduce debt, Kalyan proposes to convert many existing company-owned showrooms to franchised ones over the next 6 months.
