Business-to-business jewellery firm Krizz, a unit of Kanish Gold, plans to invest Rs 980 crore to set up 53 showrooms as it targets over threefold increase in turnover to Rs 6,000 crore by fiscal year 2017.
"With an investment of Rs 980 crore, the company plans to set up 53 B2B showrooms, 50 in India and one each in Dubai, Singapore and Malaysia in 2015-17," Krizz said in a statement.
The company today opened its first B2B jewellery showroom in the national capital. It also operates showrooms in Chennai and Ahmedabad.
"Last year, the company achieved a turnover of Rs 1,700 crore," the company said.
Moreover, it expects a turnover of Rs 3,800 crore this year and by 2017 it is targeting a threefold rise to Rs 6,000 crore.
"Our vision is to bring about a paradigm shift in the way Jewellery is manufactured and B2B sales are done in India and globally. Especially in India, the objective is to make it an organised industry with technology and innovation like any other industry," Krizz Chairman and Managing Director Bhupesh Jain said.
Krizz B2B opened its first showroom in Chennai in April this year and caters to 700-900 retailers every month.