Business Daily from THE HINDU group of publications
Tuesday, Aug 26, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Aug 26, 2008 ePaper | Mobile/PDA Version | Audio |
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Marketing
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Strategy Forever Precious expanding presence Our Bureau Ahmedabad, Aug. 25 The Ahmedabad-based Forever Precious Jewellery and Diamonds Ltd would infuse Rs 400 crore and set up 20 new showrooms in the next four years. The four-year-old company, whose turnover increased from Rs 37 crore in 2004-05 to more than Rs 400 crore, is now targeting to reach Rs 850 crore this year and Rs 1,200 crore in the next four years, said Mr Jaikumar Begani, Managing Director. Currently, exports account for 40 per cent of the company’s revenue. The Mumbai-based Suraj Diamond and Jewellery had picked up 49 per cent stake in Forever about two years ago. The company’s expansion plans would be funded mainly through its internal accruals, he said, while ruling out the possibility of going to the capital market to raise funds. The staff strength is also being increased from the existing 600 to 1,000 by next year. In addition to its own expansion plans, Forever, which has five manufacturing facilities in India (Ahmedabad, Kolkata, Bangalore, Mumbai and Goa), has also entered into a strategic business alliance with the Kishore Biyani-led Future Group under which it sells gold and diamond jewellery through its 45 outlets named as ‘Navaras’, across India, to attract the middle classes. Forever plans to set up and service over 20 more such stores by the end of 2008-09, Mr Begani said. Forever Precious sees sparkling market — To set up unit in Ahmedabad Su-Raj Diamond picks up 49% stake in Forever Precious More Stories on : Strategy | Gems & Jewellery
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