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Buoyed by growth in demand, studded jewellery exporter Tara Jewels is bullish on retail expansion and is planning to open 20 company-owned showrooms by June, a top executive has said.
“We started our retail business recently and already have 31 company-owned stores across 19 cities. We are planning to add 20 more stores by June,” Tara Jewels Executive Director, Marketing, Retail and Business Development, Mr Vikram Raizada, told PTI.
To fund its retail business, the company will raise up to Rs 200 crore from the capital market through its proposed initial public offering (IPO), he said.
Market regulator SEBI approved the proposed IPO this month. The company had filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for IPO in September 2010.
“We hope to enter the capital market this calendar year, depending on the market conditions,” Mr Raizada said.
Initially, the jewellery exporter will focus on establishing the retail brand in the western and northern regions before moving to the east and south, he said.
Tara Jewels primarily exports to Australia, China, Canada, European Union, South Africa, the UAE, the UK and the US. In European Union it exports to 16 countries, including Austria, Germany and Switzerland, he added.
It is also exploring new markets for exports. “We have recently set up an office in Honduras in Central America to explore opportunities in Central and Latin America,” Mr Raizada said.
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