Gitanjali Jewellery Retail Private Ltd, one of the leading retail chains of branded jewellery in India, plans to widen its footprint by foraying in Tier II cities in various parts of the country.
The company has signed franchisee agreements with 10 channel partners to add to its existing network of 40 outlets.
Talking to Business Standard Gitanjali Jewellery Retail Private Ltd Vice-President (retail) Karthikeyan V said they did exceedingly well in the metro cities and the state capitals and the next growth drivers would be the Tier II cities.
The brand plans to set its foot shortly at Amritsar, Phagwara, Nawashahar, Patiala (all in Punjab) and Kullu (Himachal Pradesh), Jhansi, Roorkee (Uttar Pradesh), Chennai (Tamil Nadu), Delhi and Calicut, Arunakulam, Trishur and Trivendrum (all four in Kerela).
“Belying the trend of slowdown in the economy and ruling out the escalation in the price of precious metal and stone (diamond) consistency of purchase was seen among the urban buyers offering about 25-30 per cent growth,” he added.
With the green shoots of recovery visible now, the company expects to clock in about 30-40 per cent growth.
Karthikeyan said due to the extensive R&D done on contemporary designs, the company attracted buyers with more affordable designs pre-requisite in the Indian weddings.