In a bid to consolidate its retail business, jewellery maker company Tara Jewels will shut down its three 'less-profitable' stores and focus more on high-margin diamond jewellery segment.
"At the operational level, the company is consolidating/ closing the less profitable gold centric stores and increasing focus on the higher margin diamond and studded jewellery business," Tara Jewels said in a BSE filing.
These stores were in operation for four years and after the closing of these stores, the company's total number of retail outlets would come down to 37.
The company is closing 3 stores in Delhi and Pune, it added.
Meanwhile, the company also said that it has decided to re-strategies its retail business in India to adapt to the current regulatory environment.
In the medium to long term, however, the company proposes to continue to expand its retail footprint through asset light franchisee model and shop-in-shop format, it said.
The new strategy will help achieve expansion with lesser capital allocation. The company has four manufacturing facilities, including one in China.
