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Riding on the back of the commission of its gold refining business and with a thrust on its retail business in India and overseas, Shree Ganesh Jewellery House Ltd aims to achieve a 20-25 per cent growth in turnover in 2011-12.
The company expects to increase its jewellery sales throughput from 17 tonnes in 2010-11 to 30 tonnes in 2011-12, according to its Chairman, Mr Nilesh Parekh. Fusion jewellery would account for 25-30 per cent of its total sales, he added.
SGJHL plans to add 30 stores by the end of this fiscal, thereby taking the total number of stores to about 50. “With this step towards forward integrating our business, we not only expect to improve brand visibility but also enhance volumes and margins,” Mr Parekh said while speaking at the company’s ninth annual general meeting here on Friday.
The share of domestic business – which currently stands at about 12 per cent of total turnover – was expected to increase to 15 per cent by the end of this fiscal, he pointed out.
The company has also tied up with Bharti Retail, which is under the Wal-Mart umbrella for shop-in-shop arrangements in its retail stores, he said. SGJHL also plans to foray into the gold loan business and has applied to the Reserve Bank of India seeking a licence for the same.
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