A major jewelery retailer, Joyalukkas, has allocated nearly $ 240 million to expand the chain of stores around the world, 20 of which will open in India and another 10 - outside. In total, the company's retail network has 95 stores. It is planned that new salons will open in the US, Europe, and Sri Lanka.
"We will spend about $ 8 million to open each store." We would like to enter the markets of the US and Sri Lanka in order to present our jewelry products to local Indian diasporas. "Also, we have the opportunity to issue shares to raise additional funding if it will be required to expand our retail network, "said company chairman Joy Alukkas," The domestic jewelry market is not yet full, and we want to take this opportunity to grow. "
At the moment, Joyalukkas owns 51 stores in India and 44 stores in other cities and countries, including London, Singapore, the UAE, Saudi Arabia, Bahrain, Oman, Kuwait and Qatar. "Some of our new Indian stores will appear in cities of regional importance with the prospect of growing the jewelry market.Joyalukkas is committed to a rich choice, quality service and the best price, so all our new store salons will meet these criteria," Alūkkas added.