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Digital and entertainment major, KSS Ltd has forayed into the jewellery retailing business via the franchise route and is looking to open 500 stores under 'Bjewelz' accumulating a turnover of Rs 6,000 crore in three years.
'Bjewelz' is owned by Birla Jewels Limited, a wholly owned subsidiary of KSS Ltd and the company also plans to invest Rs 100 crore over the next three years on branding and infrastructure. "Jewellery retail industry has a lot of growth potential. We will open our first two stores by end of this month in Bihar. We plan to open 500 stores under brand 'Bjewelz' and we are expecting a turnover of Rs 6,000 crore in three years’ time," said Nikita Rattanshi, Director, Birla Jewels Ltd.
Elaborating on the company's investment plans, Rattanshi added, "We plan to open 70 stores this year and the investment will be used for infrastructure, branding, manpower, etc.The idea is to convert the jewellers in the unorganised market into branded shops of Bjewelz with a target of opening stores in tier- II & III cities."
The company operates its e-commerce portal and is eyeing for a Rs 200-250 crore turnover this year.
