Jewellery retailer Joyalukkas will invest Rs 2,400 crore over the next two years to add 40 more stores. The company also announced plans to enter Australia and Canada soon to expand its international footprint.
“We will be setting up 40 large-format stores in FY 2024-25. Each store will entail an investment of Rs 60 crore. We have 160 stores at present,” said Joy Alukkas, CMD of Joyalukkas India, in an interview with FE.
He said that 30 of the new stores will be set up in India, while the remaining 10 will be located in international locations. The jewellery retailer said that Maharashtra and Uttar Pradesh will be the core of its retail expansions. “All our expansions will be a mix of internal accruals and some debts,” he said.
Joyalukkas has presence in 11 countries including the US, UK, Singapore and Malaysia among others.
The company reported a turnover of Rs 14,513 crore in FY2023, with a net profit of Rs 899 crore. “We are aiming for a turnover of Rs 17,500 crore for FY2024 and a net profit of Rs 1,100 crore,” the CMD stated.
For the international market, Joyalukkas said it projecting its revenue to touch Rs 7,500 crore in FY24 as against Rs 6,926 crore last year.
Speaking on the outlook for the upcoming festival season, Alukkas said that the demand is buoyant and the company is anticipating a good demand during Diwali.
“Gold prices are comparatively down and we are anticipating a 25% revenue during the festival period,” he said.
The Kerala-headquartered jewellery retailer said most of its store are company owned and company operated. “We are anticipating a like-to like store growth of 10-13%,” he said.
Asked if the company was mulling an IPO, he said company may consider it in near future. Joyalukkas had withdrawn its IPO earlier this year citing unfavourable market conditions.
