Reliance Retail Ltd, a 100% subsidiary of Reliance Industries Ltd, is planning to open six jewellery format stores??Reliance Jewels? across the state of Punjab. Reliance Retail, which entered the jewellery retail line in November 2007, has come to Ludhiana after opening two showrooms?at Bangalore and Hyderabad. Eyeing to capture a major share of the organized jewellery retail pie worth Rs 2,400 crore, Reliance Retail has plans to open about 45 Jewellery stores within this fiscal year and 300 stores in India over the next three years.
Talking to FE at the launch of ?Reliance Jewel? store in Ludhiana, Bijou Kurien, President and Chief Executive, Lifestyle said, ?Since the organized jewellery retail market is growing at over 16% as compared to the overall industry growth of 12% we are expanding our footprint in this segment. We?ll open 6 stores in Punjab in cities like Jalandhar, Amritsar, Bathinda, Chandigarh and Patiala. The stores will be spread over an average area of 5,000 sq ft offering about 20,000 designs to our customers. It has always been the endeavour of Reliance to provide the consumers with a wide range of high quality products at competitive prices.??
Reliance Retail has so far invested over Rs 100 crore into the Punjab market and is pumping in fresh investment through new formats. Kurien added, ?In Punjab region we have about 40 Reliance Fresh stores, Reliance supers, apparel stores in Jalandhar and this fourth format store- Jewels in Ludhiana. The new formats in the pipeline include Reliance Footprint (footwear) and Reliance Digital to be launched within the next few months in Amritsar, Jalandhar and Ludhiana. Hypermarts will also be coming up in Punjab over a period of time. We have at present about 700 retail stores under 13 formats pan India across 60 cities and at an average of 20 new stores every week we are growing well.?
Reliance Jewels collection comprises of Kolkata Filigree, Rajkot Minakari jewellery, Kundan from Jaipur, Temple jewellery from Kerala, Jadau from Amritsar and much more. Moreover, it has tied up with 17 manufacturing partners for various kinds of jewellery. Reliance Jewels has an exciting launch offer for a limited period?lowest gold rate, no wastage and up to 100% off on making charges.
?The company is also planning to launch its 14th format ? Reliance Homes most likely in Bangalore within the next few months. Long term plans include setting up a large scale training institute to take care of talent crunch for all retail formats,? shared Kurien.