Hotline: 1800 102 2007
X
Search Business Opportunities
Jul, 25 2018

PNG Jewellers to expand 23 new stores in 2-3 yrs

The stores will be operated in both company-owned and franchise models, PNG Jewellers' chairman and managing director Saurabh Gadgil told reporters here today.

PNG Jewellers is planning to add over 23 new stores in the next two to three years to take its total store count to over 50 in the country and abroad.

The stores will be operated in both company-owned and franchise models, PNG Jewellers' chairman and managing director Saurabh Gadgil told reporters here today.

"We are looking at expanding in tier II and III cities in India and the international markets under franchise owned franchise operated (FOFO) and franchise owned company operated (FOCO) models. We are expecting to add over 23 stores though these two models and also with company owned stores in two to three years," he said.

"We have set a capex of Rs 75-80 crore for expansion, which will be raised through internal accruals," he added.

In the international markets, the firm is looking at expanding in the Middle East, the UK, the US and the far east.

PNG Jewellers currently has 27 stores, all of which are company owned, mainly in Maharashtra, Goa, Madhya Pradesh, the US and the Middle East.

It posted a revenue of Rs 2,500 crore in FY18, and Gadgil said the revenue is growing at 10-12 percent annually.

"We are expecting to add Rs 1,000 crore revenue through the franchise model expansion," he added.

The company has 1,400 employees at present, and is looking to add 200-250 more people for expansion, Gadgil said.

According to him, the franchise expansion is aimed at entrepreneurs and small businesses who are looking at diversifying into other sectors.

"There are people with existing business and looking to diversify to other sectors. We want to tap them with this lucrative business model. We are also looking to tap entrepreneurs for our franchise models," he said.

Comment
image
Related opportunities
  • Quick Service Restaurants
    About Us: LAUNCHING FIRE ‘N’ GRILL BACK IN 2007 WAS A..
    Locations looking for expansion Punjab
    Establishment year 2007
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Chandigarh Punjab
  • Online Coaching
    About Us: ‘Connecting The Dots’ (CTD) was established in 2013 by..
    Locations looking for expansion Karnataka
    Establishment year 2013
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Ice creams & Yogurt Parlors
    Want to enhance the joy of eating by creating a..
    Locations looking for expansion Delhi
    Establishment year 2005
    Franchising Launch Date 2009
    Investment size Rs. 5lac - 10lac
    Space required 50
    Franchise Outlets 20-50
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • Souvenir Shops
    About Us: Established in Hong Kong, Coko is the brainchild of..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 50lac - 1 Cr.
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities