Kalyan plans showrooms in UAE

Company is targeting to achieve a sales turnover of Rs 16,000 cr by the end of 2014 and Rs 20,000 cr by 2017 March

Thrissur-based Kalyan Jewelers plans to enter overseas markets by opening seven outlets in a single day in the UAE. The showrooms will be opened in the first week of December.

Addressing a press conference here, TS Kalyanaraman, chairman and managing director of the group, said by 2014 March the company would have 66 showrooms from the present 52. Seven stores would be added in India, mainly in the northern region with the next one in Ludhiana on September 22 followed by Delhi and Haryana.

He said the group had planned to open more shops in GCC countries and Europe. Rajesh Kalyanaraman, executive director, said that the group would invest Rs 1,400 crore for the proposed stores. It will invest Rs 400 crore for the stores in the UAE.

The company is targeting to achieve a sales turnover of Rs 16,000 crore by the end of 2014 and Rs 20,000 crore by 2017 March. It has also set a target of Rs 1,000 crore net profit for the financial year 2016-17. The group earned a net profit of Rs 265 crore on a turnover of Rs 9,000 crore in 2013-14.