The report states that consumers are shopping frequently, spending more on gifts and are moving towards chains over independent jewellers
With there being a rising preference for lower-carat jewellery, Kalyan Jewellers is betting big on store openings and the gold and diamond retailer is eyeing a revenue growth of around 25 per cent in the current financial year, as per a report by Reuters.
While the country’s middle class is marking a shift towards lightweight and lower-carat jewellery, the surging gold prices have not majorly impacted the wealthy from investing in gold and buying ornaments, the report added.
The report further mentioned that consumers are shopping frequently, spending more on gifts and are moving towards chains over independent jewellers. The jewellery brand had around 278 showrooms with brand name Kalyan and 73 stores under the Candere brand in the country at the end of the recently concluded fiscal year, as per the report.
The company is aiming to open shops at around 160 locations in the current fiscal and eyes to keep the additions split equally between the two brands. On the other hand, the report noted that its rival Titan was operating over a thousand stores in the country at end of FY25.
While noting that the aggressive expansion would have an impact on the core earnings margin of the core, the executive director of the company stated that it is planning to scale Kalyan-branded stores in three years so that it catches up with Titan’s Tanishq store count, as highlighted in the report.
