Following its initial public offering (IPO), Kalyan Jewellers on Tuesday announced plans to expand its retail footprint by 13 per cent in the first quarter of 2021-22 and add 14 new showrooms on April 24.
With the addition of these new outlets, the company will be present in 151 locations.
Kalyan Jewellers, in a statement, said the company recently raised Rs 1,175 crore through an IPO and most of its proceeds are earmarked towards enhancement of working capital.
The brand will enhance its working capital by Rs 500 crore in the first quarter, it said.
On retail expansion, the company said it plans to scale up existing operations in the tier-I cities, while will also focus on the tier-II and tier-III markets with mid-size showrooms.
In the tier-I cities, Kalyan Jewellers plans to launch a total of five new outlets including a flagship showroom, it said.
One more flagship showroom will be opened in Chennai and will also strengthen the brand's presence in Delhi, Mumbai and Hyderabad, with a showroom each in Dwaraka, Matunga, Lower Parel Phoenix Palladium and Dilsukhnagar.
Kalyan Jewellers said it will add nine showrooms across key locations like Noida (Uttar Pradesh), Nashik (Maharashtra), Jamnagar (Gujarat), Pathanamthitta (Kerala), Nagercoil, Madurai and Trichy (Tamil Nadu) and Khammam as well as Karimnagar (Telangana).
Speaking about the company's expansion plans, Kalyan Jewellers Chairman and Managing Director T S Kalyanaraman said, "Kalyan Jewellers has a sizable presence across 21 states, and 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." The company has also put in place strict hygiene measures across all showrooms, to ensure the safety of our customers, he added.
Currently, Kalyan Jewellers has 107 showrooms in India and 30 in the Middle East.
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