Cygnus Fine Jewellery plans expansion of retail operations

Mumbai-based Laxmi Diamonds retail brand Cygnus Fine Jewellery is planning to expand its business by setting up 40 standalone exclusive stores across the country and entering 50 lifestyle stores by the end of 2010.    

"We are aiming to open 40 exclusive outlets, besides starting operations in 50 large format lifestyle stores by 2010. The new exclusive outlets would be a mix of company-owned and franchise operated stores," Cygnus Fine Jewellery Regional Manager (North) Siddharth Mavani said.     

The company is also looking at enhancing its presence in the traditional jewellery segment with plans to widen its traditional jewellery collections as it aims to achieve a turnover of Rs 2,000 crore by 2010-11.    

He, however, did not disclose the company's investment plans.     

"The exclusive stores allows us to showcase our entire collection under one roof and has more potential for attracting customer walk-ins," Mavani said.     

Cygnus Fine Jewellery has currently 20 exclusive outlets, besides being present in around 200 lifestyle stores, including Shopper's Stop, Lifestyle, Pantaloons and Westside.      

It offers around 10,000 designs and models in a price range of Rs 4,500 to Rs 16 lakh.