Kalyan Jewellers reported healthy financial performance in the second quarter of 2024-25. Revenues from Indian operations rose by 39% compared with the same period last fiscal. Growth was strong, powered by a spurt in customer visits to their stores across market spaces in combination with sales growth in existing stores.
Kalyan Jewellers same-store-sales-growth of 23% contribute to revenue growth
In a regulatory BSE, Kalyan Jewellers revealed, “Our India operations witnessed revenue growth of approximately 39 per cent during the second quarter of FY25, compared to the same period of FY24, led by robust operating momentum on the ground across all markets with healthy same-store-sales-growth of approximately 23 per cent.” as per India Retailing.
Continue Exploring: Watch brand Rado expects to end 2024 with double-digit growth in India
Further stating, the reduction in customs duty on gold imports, announced in the 2024-25 Union Budget, boosted sales for Kalyan Jewellers. The company witnessed an uptrend in customer footfalls from the last week of July till the end of August. All these positives negated a normal slowdown during the 14-day Shradh period and volatile gold prices.
Kalyan Jewellers sees 24% growth in Middle East
Meanwhile, in the Middle East, the jewellery retailer saw a 24% revenue growth compared to last year. Recently, they converted some owned showrooms to FOCO (Franchise-Owned, Company-Operated) showrooms, bringing the total number to four. The Middle East contributed 13% to the company’s total revenue for the recent quarter.
Notably, Kalyan Jewellers’ Candere, the online jewellery platform, saw about 30% revenue growth last quarter compared to the same time last year. “We launched 12 Candere showrooms during Q2 FY 2025,” the company noted.
Continue Exploring: BlueStone’s FY24 revenue surpasses INR 1,000 Cr, loss narrows 15% to INR 142.2 Cr
Looking ahead, the company plans to open 25 Kalyan showrooms in India, 18 Candere showrooms, and its first US showroom by Diwali. “The festive season has just started and we are gearing up with showroom launches, fresh collections and campaigns,” it revealed. As of September 30, 2024, they have 303 showrooms (231 Kalyan India, 36 Kalyan Middle East, and 36 Candere), it added.
