Kolkata-based jeweller Senco Gold Ltd plans to focus on expanding its retail presence in South India – Karnataka, Telengana and Andhra Pradesh, Tamil Nadu and Kerala – over the next two fiscal years.
Immediate focus though is to foray into Bengaluru over the next two-to-three months.
According to Suvankar Sen, Executive Director, Senco Gold Ltd, the company is eyeing a turnover of Rs 2,000 crore from domestic operations by FY-18.
“We intend at a near doubling of our turnover from domestic retail operations and expansion in the South will play a major role in it,” Sen told
This doubling, he said, will be possible on the back of its expansion in the retail network to 100 from the existing 63.
Of these 37-odd new retail stores, approximately 25 (nearly 70 per cent) will be in the South. These new stores will come-up by FY-18.
In the South, stores will mostly come-up across Bengaluru; followed by Hyderabad and Chennai.
Currently, most of the new stores will be company-owned and once the brand gets established, it is likely to take the franchisee-route for expansion.
Senco Gold reported a turnover of approximately Rs 1,300 crore, of which Rs 1,100 crore came from domestic retail operations. The remaining comes from export.