Kerala-based Kalyan Jewellers has entered the Andhra Pradesh market by announcing the launch of its outlet here and roping in actor Nagarjuna as its brand ambassador. The company is already present in Tamil Nadu, Puducherry and Karnataka, apart from its home market of Kerala.
The jewellery store is part of Kalyan group, which also owns three brands in sarees, silks and apparel segments. The group has been in the jewellery export business for 50 years, and entered the retail operations in 1993.
According to TS Kalyanaraman, chairman and managing director, Kalyan Jewellers, the company would invest Rs450 crore over the next 15 months, part of which will be financed by banks. It plans to take the number of its outlets to 40 by the end of 2011. The jeweller registered a turnover of Rs3,000 crore in 2009-10, and expects to reach Rs6,000-crore by end-2012.
Kalyan Jewellers has invested Rs5 crore in its new showroom here. With a space of 15,000 sft, it would be the company’s largest so far and offer BIS hallmarked gold, silver and platinum brands. The showroom, its 21st, will open on December 16 and is expected to contribute a revenue of Rs 250 crore.
Apart from Hyderabad, it would open showrooms in Vijayawada, Visakhapatnam, Rajahmundry and Nellore. Kalyan has set aside Rs125 crore for its Andhra Pradesh operations.
Kalyanaraman said it was looking to open showrooms in other parts of the country as well as abroad. He said high prices of gold has not dampened the sales. On the contrary, sales have increased as people are investing in it, he said.