Announcing plans to invest Rs 800 crore during this fiscal to start 22 showrooms in India and abroad, Kalyan Jewellers today said it is all set to make a foray into the eastern region by opening a showroom in Odisha on June 5 and three more in Kolkata shortly.
"We are making a foray into eastern India for the first time with the launch of the inaugural showroom in Odisha at Bhubaneswar for which the company is investing Rs 60 crore," Kalyan Jewellers CMD T S Kalyanaraman told reporters here.
The showroom is scheduled to be inaugurated on June 5 by Kalyan's brand ambassadors and superstars Amitabh Bachchan and Nagarjuna Akkineni, he said.
Stating that Kalyan Jewellers has been aggressively expanding its distribution network after the recent equity infusion, Kalyanaraman said the company is investing Rs 800 crore this fiscal to open 22 showrooms in India and West Asia.
Kalyan Jewellers plans to enhance its distribution network by 30 per cent and is targeting revenue of Rs 13,000 crore by the end of this financial year, he said, adding that the company is also ramping up manufacturing operations and plans to have India's biggest production house by 2017.
Stating that Bhubaneswar showroom would be its 82nd showroom, the company's Executive Director Ramesh Kalyanaraman said it targets to have 100 showrooms by the end of the year.
After Bhubaneswar, 3 showrooms are expected to be opened in next 4 months in Kolkata, he said.
Stating that Bhubaneswar offers tremendous potential as the gateway into the eastern market, he said the company expects around Rs 200 crore turnover from the state during the current financial year.
"The showroom in Bhubaneswar will offer over 2 lakh contemporary and traditional gold and diamond designs curated by some of the best artisans from across the country," he added.
