Gitanjali Group, an Indian jewellery retailer plans to invest around Rs 414 crore to expand its retail presence across the Middle East.
Gitanjali Group, an Indian jewellery retailer plans to invest around Rs 414 crore to expand its retail presence across the Middle East. The brand targets to open 200 Point of Sales (POS) within three years in the Middle East region.
Initially, the proposed expansion will be primarily through shop-in-shops (SIS). Later the group would look at partnerships with region's leading jewelers and tie-ups with the key chain stores.
The company may also consider adopting the franchise route in future to extend its retail footprint further in the region. With presence of almost 15 years in the UAE, Gitanjali currently has 50 shop-in-shop contracts all over the country. The company is also looking to expand the brand into Saudi Arabia and is looking at opportunities in Qatar, Kuwait and Bahrain.
Gitanjali Group was founded in 1966. It has an annual turnover of over $2.1 billion and has around 4,000 POS in India, with additional outlets in China, the US, Japan and the United Kingdom. Gitanjali's net sales for the full year ended in March 2012 rose 33 per cent to Rs 12,498.3 crore ($2.257 billion), with jewellery sales up 40 per cent to Rs 7,007.5 crore (USD1.265 billion) during the same period.