Kalyan Jewellers enters UAE!
Kalyan Jewellers, India's single largest directly owned retail jewellery chain, is making a spectacular entry into the UAE market, opening six retail outlets on 26th December, 2013 - all in a single day.
The mega event will witness all of its Brand Ambassadors, Amitabh Bachchan, Aishwarya Rai Bachchan, Nagarjuna, Prabhu, Shivaraj Kumar and Manju Warrier gracing the occasion. The company has outlined an investment of over Rs 250 crore (140 million dirham), the single biggest venture ever by an Indian company in the jewellery retail sector in the Emirates. Kalyan Jewellers will open showrooms in Abu Dhabi, Sharjabh, Karama, Qusais, Bur Dubai and Meena Bazar. Going forward, Kalyan Jewellers plans to expand across the region, opening three retail outlets in Kuwait, two outlets in Qatar and one each in Bahrain, Muscat and Oman.
Explaining the rationale for the mega venture, Kalyan Jewellers' Chairman and Managing Director, T S Kalyanaraman said that the basic research for the UAE expansion had been on for some time. "We felt that there was a huge scope in terms of market, availability of products and the customer base." Kalyan Jewellers has long changed the dynamics of the jewellery retailing in India with large format showrooms and higher inventory; a model which it intends to pursue in the UAE as well.
All the showrooms in UAE will have an average space of 5,000 sq ft, spread over two floors. Every showroom will have a dedicated diamond floor, again a first for the Emirates. In its inimitable style, Kalyan Jewellers will unleash an advertising blitz, covering virtually every mass medium.
From the Middle East operations, Kalyan is expecting a revenue of 200 million dirhams for the first three months, ending March 31, 2014. For the next fiscal, it is targeting a turnover 1500 million dirhams. The company is likely to close FY14 with an overall turnover of over Rs 8,500 crore (USD1.4billion approx). Kalyan will open 20 more showrooms in India and 15 more abroad in the next financial year. Beyond its traditional markets of South India, Kalyan has made significant inroads into Maharashtra, Gujarat and key North Indian markets including Punjab, Haryana and Delhi over the past couple of years.
Kalyan Jewellers was recently awarded the most coveted `The Best National Retail Chain 2013' and `The Best Campaign of the Year 2013' by the Bombay Bullion Association.