Suwarnsparsh Gems and Jewellery is planning its pan-India foray by opening 20 new outlets in cities like Delhi, Kolkata, Hyderabad, Chennai and Ludhiana during the next financial year.
"Expansion of these outlets would entail an investment of around Rs 12-14 crore including the inventory in these stores and would be funded via a mix of debt and internal accruals," Suwarnsparsh Gems and Jewellery chairman and managing director Vimal Patel said here.
Established in 2009, Suwarnsparsh retails 1-gram jewellery and astro-gems so far through its 65-odd outlets mostly in Maharashtra.
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The company expects to conclude the financial year March 2015 with revenue of Rs 62 crore compared to Rs 49 crore in the previous year.
"The recessionary trend in the economy in the past 2 years has acted as a barrier for new entrants to foray into this segment. However, having survived this critical phase, we are now in a vantage position to leverage and reap the fruits of the growth phase in the macro-economy ahead," Patel said. Suwarnsparsh has also backward integrated into manufacturing and thereby have been able to pass on the price-benefit to the end-consumer as also improve its own operating margins.
