Gitanjali to open 40 Maya stores, eyes Rs 1,000 cr revenue

Jewellery maker Gitanjali Lifestyle plans to roll out 40 multi-format lifestyle brand 'Maya' stores over the next three years and expects Rs 1,000 crore revenues from its operations.

The company today announced that it has acquired 76 per cent stake in Salasar Retail, a mid-sized departmental stores chain across India.

Gitanjali Lifestyle Chief Executive Officer Devasish Dutta said, the company will brand the existing 10 Salasar stores as 'Maya' and spend up to Rs 240 crore to add 40 multi-storeyed outlets over the next three years.

"We expect a revenue of Rs 1,000 crore in the next three years from different Maya concepts. About 60-70 per cent of the revenue will be from jewellery. We will also keep clothes on consignment from our agreements with apparel makers like Lee Cooper and Allen Solly," Dutta told reporters here.

With this, Gitanjali will gain access to prime cities like Delhi, Cuttack, Gwalior, Guwahati, Indore, Agra, Allahabad, Kanpur, Raipur and Lucknow.

The company, which operates 5-lakh sq ft of retail space, aims to increase its footprint by an additional 1.25-1.5 million sq ft by fiscal 2011 through a revenue sharing model in prime catchment areas.