New Delhi: Jewellery retailer Joyalukkas is aiming to increase its India revenue to Rs 17,500 crore by the end of the financial year 2024, shared a top official of the company.
Talking to ETRetail, Joy Alukkas, Chairman and MD, Joyalukkas India said that the jewellery chain is eyeing a 20 per cent YoY growth in its revenue. He added that the company aims to increase its revenue to Rs 17,500 crore from Rs 14,513 crore in FY23. The retailer is eyeing a profit after tax of Rs 1,100 crore this fiscal.
For its international markets, Joyalukka’s is projecting to reach a revenue of Rs 7,500 crore in FY24 against Rs 6,926 crore last year, shared the MD.
The company drives about 70 per cent of its business from India and the remaining 30 per cent from international markets.
The Kerala-based jewellery firm is planning to bolster its presence by opening 40 new stores in the next two years in India and abroad. “We plan to open 40 new stores in FY24-25. We will open 30 stores in India and 10 outside India,” said Alukkas.
Internationally, the company is planning to foray into new markets in Canada and Sydney. While in India, the retailer which has a strong foothold down south, plans to strengthen its presence in Maharashtra and Uttar Pradesh with these new stores.
All Joyalukka stores are company-owned and include an investment of around Rs 60 crore, the MD shared. The firm is planning to invest around Rs 2,400 crore in physical store expansion.
Currently, the jewellery brand runs a total of 160 stores with 100 outlets in India.
Commenting on its plans to go public, the managing director confirmed that the retailer is readying internally to refile its IPO documents. Without confirming the timeline, he said the IPO will be launched in the ‘near future.’
The jewellery chain earlier this year withdrew its 23 billion rupee IPO as it needed time to update the financials and the market too was not in favour.
