Kalyan Jewellers plans to increase its revenue by more than 25% this fiscal year, driven by a significant expansion of its store network, executives announced on Tuesday.
As consumer demand shifts towards lower-carat gold jewellery, the company is accelerating the pace of new store openings. While high gold prices have not deterred wealthy buyers in India—the world’s second-largest gold consumer—there has been a noticeable shift in preferences among the middle class, who are opting for more affordable and lighter jewellery.
Ramesh Kalyanaraman, Executive Director of Kalyan Jewellers, explained that consumers are increasingly choosing chain jewellery stores over standalone outlets. He noted that customers are shopping more frequently and spending more on gifts. He also stated that Kalyan Jewellers is well-positioned for growth due to its potential for expansion across India. “We have many untapped markets, which will help drive our growth,” Kalyanaraman said. He is confident that the company’s revenue will easily surpass a 25% increase in the new fiscal year, which began on April 1.
The jeweller currently operates 278 stores under the Kalyan brand and 73 stores under the more affordable Candere brand in India. This year, the company plans to open 160 new stores and expects to split sales evenly between the two brands. In comparison, its larger competitor, Titan, had over 1,000 jewellery stores across India by the end of March, with around half of them under its flagship Tanishq brand.
Kalyanaraman added that Kalyan Jewellers aims to match Titan’s Tanishq store count within the next three years. However, he acknowledged that this rapid expansion could put pressure on the company’s core earnings margins.
For the fiscal year ending March 31, Kalyan Jewellers reported a more than 33% increase in revenue, reaching 250.5 billion rupees (approximately $2.9 billion). This growth was supported by a strong performance in same-store sales across 136 stores in India. Titan’s jewellery division saw a 21% rise in total revenue, reaching 46,570 crore rupees during the same period.
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