Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers

Ramesh Kalyanaraman, Executive Director, Kalyan Jewelers | Photo Credit: Special Arrangement

Kalyan Jewelers India Ltd. is gearing up to foray into the United States market in the coming financial year. The company plans to set up one store each in New Jersey and Chicago.

This is part of the company’s plans to open six jewelery showrooms in overseas markets and 130 outlets in India in FY25.

West Asia plans

Currently the company has 219 showrooms in India, and 34 more in West Asia. Four more would be added in West Asia in FY25.

“For the next year (FY25), we plan to open at least 80 Kalyan Jewelers showrooms in India, at least 50 Candere stores in India and six showrooms overseas,” said Ramesh Kalyanaraman, Executive Director, Kalyan Jewelers India in an interview.

“In FY26 we plan to grow 20% more,” he added.

In the past year, the company had gone for the Franchise Owned Company Operated (FOCO) model and it would take this route to expand its base.

“So our expansion is completely fueled by franchisee partners now. They will invest the money for the inventory and the capex for a store, and Kalyan Jewelers will run the store for them and it’s a margin share, which we do, where they get the return on investment which they expect and we get the return which we want,” Mr. Kalyanaraman said.

He attributed growth in jewelery sales to the sector’s transition to becoming more formalized and the government mandating hallmarking and levying Goods & Services Tax.

By ting