 "NAC Jewellers to focus on branding")
The company, which had been working with its single showroom for almost 40 years, started its expansion programmes and brand-building almost a year ago. In 2013, it opened its second store at T Nagar here.
“This is a result of new generation entering into the company,” said N Anantha Padmanabhan, managing director of NAC Jewellers. His son, who joined the company in recently, had spearheaded the branding and expansion programmes, he said.
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The company is planning to launch three more stores in 6-9 months in and around Chennai such as Kancheepuram and Perambur.
Besides, it is also looking at adding another six stores here by 2017. Each store would require an investment of around Rs 20 crore, including the inventory, he said.
Brand-building
Known to Chennaiites as a traditional business house with a single store in Mylapore for long, the firm started changing its brand image during 2010 to 2012. In the process, it added silver articles and gift items and launched a special brand of jewellery for kids.
It also launching a sub-brand, Breezee Collections, targeting the young and working women. It has spent Rs 7-8 crore last year for the brand promotion and plans to invest Rs 15-16 crore in the next three years.
“We want to build the brand in South India in next three years. First it was Chennai, then across Tamil Nadu and then it would be in South India,” said Padmanabhan. It has also started manufacturing on its own. One of the major initiatives in the near future would be to cater to the low-segment category.
“All these years, we had been targeting mid and mid-premium customers. We are looking at widening our offering to the low segment also,” he said.
The company registered a turnover of Rs 350 crore in 2013-14, as compared with Rs 170 crore in 2012-13.
It has set a target to grow to Rs 1000 crore by 2016-17.