Forever Jewellery to invest Rs 150 cr for expansion

As part of its strategy to establish a pan-India presence, Ahmedabad-based jewellery maker and retailer Forever Precious Jewellery and Diamonds Ltd has firmed up plans to pump in around Rs 150 crore in the current fiscal for expansion, which also includes rolling out new jewellery showrooms and outlets in various parts of the country.

Forever Jewellery operates into four categories namely wholesale jewellery, exports, corporate marketing and retailing of jewellery under brand names Forever, Navras and Carbon. "Every year we plan to launch 4-5 showrooms of Forever, 12-15 of Navras stores and 18-20 Carbon outlets," Jai Begani, managing director, Forever Precious Jewellery and Diamonds Ltd said while announcing the launch of its third showroom in Ahmedabad at Maninagar area.

 

At present the company has seven exclusive Forever showrooms, 49 Navras stores and 59 Carbon outlets in the country. The proposed expansion would be funded through internal accruals and bank loans.

Export business contribute around 40 per cent of the company's revenue, while wholesale jewellery and retail jewellery each accounts for 30 per cent of its topline.

"Considering the huge potential in jewellery retailing, the company is giving thrust on retailing. For which, the new investments would be made," he added.

The company turnover in 2009-10 is estimated to be around Rs 928 crore, while it aims to achieve a topline of Rs 1,500 crore and Rs 2,100 crore in 2010-11 and 2011-12 respectively.

As part of its efforts to connect better with its existing customers as well as create new customer base, the company is organising a special contest called 'Face of Forever, which will be launched on 15 May.

The main aim of the contest is to select faces in various age groups to feature in the Forever advertisements in print, outdoor and electronic media.