Financial Daily from THE HINDU group of publications
Thursday, Aug 04, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 04, 2005 |
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Marketing
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Retailing Jewellery brand Avenue Montaigne to set up 40 large format stores Our Bureau
A model at a fashion show of Avenue Montaigne in New Delhi on Wednesday. — Anu Pushkarna
New Delhi , Aug. 3 BRANDED jewellery store Avenue Montaigne on Wednesday announced expansion plans entailing setting up of 40 large format stores across the country and 10 showrooms outside India within the next five years, at an investment of Rs 90 crore. Promoted by Aerens Group, Avenue Montaigne had opened its first 10,000 sq ft showroom at specialty mall - Gold Souk, Gurgaon last year, and now plans to open three additional stores in the National Capital Region in the current financial year. It also plans to open showrooms at all Gold Souks and Wedding Souks, which are coming up in Delhi, Ludhiana, Jaipur, Kochi, Banaglore, Chennai, Hyderabad, Mumbai, Ahmedabad and Kolkata. "The company also has plans to become India's first international chain of branded jewellery store with the launch of 10 showrooms in the overseas market by the next five years. These locations include Dubai, Singapore, Hong Kong, Malaysia, Thailand, the UK and USA," Mr V. Suresh, CEO of Aeren's Gold Souk International Ltd, said. Avenue Montaigne has, so far, invested Rs 11 crore in its store in Gold Souk, Gurgaon and the Aerens Group would fund the growth and expansion plans with an additional investment of Rs 90 crore for both domestic and international markets, taking the total investment outlay to Rs 100 crore. It is also creating higher value `Brand Zones' within its anchor store. "Swaranjali, a new brand of jewellery being launched by Ms Lata Mangeshkar would open its first outlet in North India at the Avenue Montaigne showroom at Gold Souk, Gurgaon. The outlet will be opened in partnership with Adora, one of India's renowned diamond jewellery brands," he said. Besides this, international brand of gold and diamond jewellery D `damas is also introducing a new `Brand Zone' within Avenue Montaigne called D `damas zone for high value solitaires endorsed by Mr Amitabh Bachchan and also a new variety of Italian jewellery. In addition, international brands including Celeste, Hammer Plus, Carrera, Pierre Cardin, Esprit, Mexx and Sogini Doro are also available at Avenue Montaigne.
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