Tuesday, January 19, 2010

Reliance Jewels to open 100 stores by 2013

Mukesh Ambani owned Reliance Retail Ltd plans to increase it's branded gold jewellery outlets to 100 within the next thee years.

The first store was launched in here in early 2009. Sprawled over three storeys and covering an area of 6,000 sq ft, the Reliance Jewels store at Bangalore proffered as many as 10,000 designs of elegantly created jewelry pieces. It is learnt that the jewelry collection here, has been assimilated from different parts of India. The availability of a wide range of gold and diamond jewelry makes Reliance Jewels a one-stop shopping venue for buyers of fine jewelry.

The competition in the branded jewelry segment in India is about to intensify with announcement of RRL. Mukesh Ambani owned Reliance Retail Limited ventured into “gems” and “jewelry trade” because of the never ending demand of jewels in India.

By the end of December 2009, Reliance increased the number of store launches for Reliance Jewels to 10. The multi-format retailer now aims to expand by opening jewelry stores in Ahmedabad, Bangalore, Dhanbad, Gurgaon, Hyderabad, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Ludhiana, Mumbai, New Delhi and Vizag adhering to core Reliance Jewels’ strategy of expansion through saturation.

“We are upbeat about our same store sales growth. The past eight months have been very good for us... with 22 per cent growth. And I think this is the best time to expand as the rentals have gone down to some extent. In the next 3 years, we will be scaling the Reliance Jewel stores to 100,” Reliance Retail Lifestyle’s CEO Bijou Kurien told PTI.

The company has plans to add 14 more by this fiscal-end to its existing 10 outlets of Reliance Jewels, which sells gold and diamond jewellery under private label RJ. “We have announced to open 10 more Reliance Jewels stores and six Time Out store by the end March with a total investment of Rs. 150 crore,” Kurien said. The new stores will come up in New Delhi, Ahmedabad, Andhra Pradesh and Mumbai, where it already has its lifestyle outlets. Besides it will also open a few shops in Kochi and Bengaluru.

All its outlets of Reliance Jewels are large format stores ranging from 2,500 sq ft to 15,000 sq ft. As per the plan, the gold jewelry at all Reliance Jewels’ stores will consist of Kolkata Filigree, Rajkot minakari jewelry, Kundan from Jaipur, Temple jewelry from Kerala, Jadau from Amritsar and so on. Even in Diamond jewelry, Reliance Jewels will offer only the best. One will find the widest variety of Diamond jewelry designs here ranging from simple daily wear to party wear items to celebrate every special occasion in a person’s life.

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