On Friday, Kalyan Jewellers announced its plan to open the 250th showroom in Ayodhya, Uttar Pradesh, in the current quarter. The Kerala-based jewellery firm stated in a regulatory filing that it intends to open an additional 30 showrooms in India and the Middle East in the current fourth quarter of the fiscal year 2023-24.
Of the 30 showrooms, the company plans to add 15 ‘Kalyan’ showrooms in India, two ‘Kalyan’ showrooms in the Middle East and 13 ‘Candere’ showrooms, it said.
“The ongoing quarter should witness the launch of the company’s 250th showroom in Ayodhya, a milestone in our journey,” Kalyan Jewellers added.
As of December 31, 2023, the company’s total number of showrooms across India and the Middle East stood at 235.
Ayodhya is gearing up for the inauguration of the Ram Temple on January 22. The city has already undergone a major facelift and the Ayodhya Development Authority is expecting a footfall of three lakh tourists every day during the initial months.
Kalyan Jewellers also said that it is likely to convert the company-owned showrooms launched during the previous quarter to FOCO (Franchisee Owned Franchisee Operated) in the ongoing quarter.
Additionally, the company has completed signing letters of intent for the 80 showrooms planned for FY2025 with a significant majority of these being established under a revised franchise model with further improved economics for Kalyan, the filing said.
“We continue to be encouraged by the underlying momentum in footfalls across all our major markets and are gearing up with fresh collections and campaigns for the upcoming wedding season across the country,” it added.
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