Tara Jewellers, the retail arm of Tara Jewels Limited, is now eyeing the north Indian market for expansion.
The company is going to open 20 new showrooms in India, mostly located at north India.
“Our maximum presence is in the western part of India and now we are expanding our retail outlets in north India as well. The company will open 20 new jewellery showrooms by March 2012,” said Rajeev Sheth, chairman and managing director of Tara Jewels Ltd.
At present Tara has 31 stores in western part of India at Gujarat, Maharashtra, Goa, Madhya Pradesh and also at Delhi. “On the basis of our experience in North India, we will go to South and East India markets”, said Sheth.
The company has three more jewellery outlets in Gujarat based at Ahmedabad, Baroda and Surat, it has now opened a showroom in Rajkot on Wednesday.
“Traditionally, Gujarat is one of the key jewellery consumer markets in India. We plan to open stores in Porbandar and Gandhidham also by the end of this fiscal,” said Sheth.
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The jewellery collection of Tara is available in more than 10,000 outlets across the world and presently the company has Rs 1,000 crore export business and about Rs 200 crore domestic business.
“As the Indian jewellery market is still unorganised, we are directly competing with the traditional jewellers that have very deep roots in our Indian society,” said Sunayana Vora, general manager -sales, Tara Jewels, which will also be entering into the equity market.
While the company has filed DRHP to the Security Exchange Board of India (SEBI) in December 2010, company officials have denied to give details on it.
Founded in 2001, the Tara Jewels is an integrated player that dabbles in manufacturing, retailing with manufacturing facility and distribution with offices in China, United States and India.
Tara Jewels Limited has recently launched 29 company operated retail stores under the brand name Tara Jewellers, across North, Central and West India.