Rajesh Exports to spend Rs 6,600 cr to open 550 outlets
Jewellery exporter and retailer Rajesh Exports [REL] plans to scale up its retail chain 'Shubh Jewellers' to 550 outlets in south India by 2014, and sees revenue of over Rs 20,000 crore from retail alone by 2014-15.
December 14, 2011 / 14:45 IST
Moneycontrol Bureau
Jewellery exporter and retailer Rajesh Exports [REL] plans to scale up its retail chain 'Shubh Jewellers' to 550 outlets in south India by 2014, and sees revenue of over Rs 20,000 crore from retail alone by 2014-15."With the completion of 550 stores by 2014, REL hopes to acquire 8% share in the Indian retail gold jewellery trade, which would translate into retail revenue of about Rs 25,000 crore, making REL the biggest player in the Indian retail space," the company said on Wednesday.REL reported net sales of Rs 20,844 crore, which includes retail and exports, in 2010-11.REL already has 70 retail outlets in Karnataka and plans to expand it to 125 stores in that state by April 2012.REL said it has estimated a funding requirement of Rs 6,600 crore for expanding the retail footprint to 550 stores, which will be generated through internal accruals, supplier credit and debt.REL said it will look at pan-India expansion once it completes opening 550 outlets in the southern states of Andhra Pradesh, Goa, Karnataka, Kerala and Tamil Nadu.Rajesh Exports shares were trading down 0.3% at Rs 132.60 on NSE in afternoon trade.Nachiket Kelkar
nachiket.kelkar@network18online.com
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