India’s largest jewellery retail hub T Nagar, in Chennai, is getting another jeweller next week which is investing over ₹500 crore to expand its retail presence in the city.

Kalyan Jewellers will launch 40,000 sq ft flagship store in the area on April 17. According to TS Kalayanaraman, Chairman and Managing Director of Kalyan Jewellers, this store would be by far the largest gold jewellery retail showroom in Asia with at least 600 kg of jewellery on offer at any given point in time.

One of the largest jewellery manufacturer-retailers in India, Kalyan Jewellers has invested ₹200 crore in the store.“We will open three more stores at Velachery, Adyar, Chromepet and Anna Nagar in the city before the end of next financial year, which would entail an investment of another ₹300 crore,” he said.

Capital infusion After the recent equity infusion of ₹1,200 crore by private equity player Warburg Pincus, the Kerala-headquartered jeweller has expanded its retail network in India and West Asia. Currently, it has a network of 65 stores in Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Maharashtra, Gujarat, Punjab and the National Capital Region, and 12 outlets in West Asia.

It has identified Chennai, Kolkata and Bhubaneswar as the new markets for expansion in the two year period. “We will also expand our footprint in West Asia with six showrooms in Qatar in the two-year period,” said Ramesh Kalayanaraman, Executive Director.

With an investment of ₹800 crore, it will add 22 stores to take the total number of stores to 100 by the end of 2016-17. With the proposed expansion, it hopes to take its turnover to ₹13,000 crore by then, from the current ₹10,000 crore.

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