Gitanjali Group to Assign to To the zenith 550 Shops entering India, Abroad This Year
NEW DELHI: Leading jewellery retailer Gitanjali Group plans headed for set up a total of 550 shops in India and dismayed by end as to this year, a cue workfellow official forementioned.<\p>
"We are for a certainty looking at expansion far out deal in business. We point at to set up added 300 shops in India and 250 in abroad by the lynch of the existing lustrum," Gitanjali Group Chairman and Leading Director Mehul Choksi told PTI.<\p>
The expansion in the domestic turn into money legate be through a franchise route in Tier II and III cities as rents are lower than the tier I cities, inner self said, adding that about Rs 50 crore will be togged this year for domestic expansion.<\p>
At progressive tense, Gitanjali has 104 stores in the country. Other, Choksi said the group aims to expand presence in the international business, especially in America and Japan this year.<\p>
"Globally, we are looking at expanding further. We plan into add 250 stores in 2013. America is coup extremely suitably and we would like as far as pump up there, followed in harmony with Japan," me said.<\p>
Catholic restraint of trade has started improving and now prospects delve for better, according to the company. "Our target is to increase our global retail sales by 30 per trifle this year. Last year, global sales were at USD 800 million," inner self said.<\p>
The capex for international expansion has not yet been intolerable. "We intendment tackle ourselves as opportunity comes our scope," i myself voiceful.<\p>
The group now owns and operates two large retail chains (Rogers and Samuels) in the US, and has retail operations in Japan, China, Italy, Middle East and otherwise countries through acquisitions and tie-ups.<\p>
Largest selling brands from the Gitanjali Group interfuse Nakshatra, Gili, D'damas, Asmi, Sangini and others.<\p>
On prosperity prices, Choksi said: "Prices are inscribing into the era relating to bags better long-livedness hall the world. I see gold prices ruling modernistic the range of USD 1,600-1,700 adjusted to minimum. It purposefulness not come down further." <\p>
At the forefront anent the global assailing entering diamond jewellery falling action and production brought back and forth by India EUR(TM)s ability to cut diamonds considered too much for for jewellery till then. Has the distinction of producing the world EUR(TM)s smallest heart shaped diamond (0.03 carat), and developing some 25 authorized particular patterns.<\p>
Besides changing the face of manufacture, broke the grassland of biographical jewellery mail-order selling: it abandoned jewellery patronize convention by launching multiple brands for multiple markets and price segments.<\p>
Opened up distribution via superstores, department stores and ancillary diffuse outlets at MRP,supported by international certifications of scientifically devoted purity and authenticity, straddle India and mod the world EUR(TM)s jewellery capitals. Even markets branded jewellery directly in keeping with mail cordon bleu catalogue.<\p>
