Gitanjali Group, the Indian jewelery retailer is planning to invest nearly USD 75 million or around Rs 414 crore to further its retail presence in the Middle East.
Gitanjali Group, the Indian jewelery retailer is planning to invest nearly USD 75 million or around Rs 414 crore to further its retail presence in the Middle East. The group is targeting to open 200 Point of Sales (POS) within three years in the Middle East region. Currently, the proposed expansion will be primarily via shop-in–shops (SIS). Later the group is looking at partnerships with region's leading jewelers and tie-ups with the key chain stores. Moreover, the company may consider franchise route in the 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 USD 2.1 billion and has around 4,000 points of sale in India, with additional outlets in China, the US, Japan and the United Kingdom. Gitanjali's net sales for the full year ended March 2012 rose 33 per cent to Rs 12,498.3 crore (USD2.257 billion), with jewellery sales up 40 per cent to Rs 7,007.5 crore (USD1.265 billion) during the same period.
