The privately held Joyalukkas group, a chain retailer with 66 stores in India and 64 overseas outlets — primarily in Middle East markets — announced it would undertake a ₹600 crore ($94 million) retail expansion in India. Of this, ₹200 crore ($31.4 million) has been allocated for marketing and promotion.
The group reported a global turnover of ₹13,000 crore ($2.04 billion) in fiscal 2016-17, with a major part of that generated in India. This year, it is looking to increase its India turnover by almost 19 percent to ₹8,000 crore ($1.3 billion).
Group Chairman Joy Alukkas told media, “We will set up 15 new stores in metros and major cities in India, each measuring 3,000 square feet. There are plenty of growth opportunities in India even after the introduction of 3 percent goods and services tax (GST) on gold. We do not see any downtrend in Indian consumption going forward.”
The planned expansion will boost the group’s India store count to 81.
Along with the expansion, Alukkas also said that Bollywood actress Kajol would be its brand ambassador for fiscal 2018-19. According to him, the veteran actress, who has been in Indian films for some 25 years, is regarded as a trusted name in the entertainment world. This, he added, reflected the consumer trust that the Joyalukkas group had gained over its many years of operation.
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