Shares of this jewellery company were up by almost 3% after it announced plans to launch 52 new showrooms!
The company is expanding its business in the non-south region.
Kalyan Jewellers in the exchange filling informed about the plans to expand its retail footprint in by over 30% in the calendar year 2023 (CY23). The strategic plan will involve launching new 52 showrooms in the CY23. The expansion plan is mainly focused on the non-south region which contributed to 35% of the revenue of the Indian business. The company's targeted plan is to take the non-south region business to 50% revenue contribution levels.
The expansion plans of the company will be majorly fuelled by the franchisee arm of the company. Kalyan Jewellers follows a franchise-owned company operated (FOCO) model which is capital efficient.
The company is witnessing strong demand in the metro markets, especially from millennial customers. The company is laying a strong emphasis on Tier-2 and Tier-3 markets in North, East and Western regions. In the Middle Eastern market, which accounts for about 17% of Kalyan Jewellers' total revenue, there is strong demand momentum and excellent client sentiment.
Today, the stock opened at Rs 108.15, with a high and low of Rs 111.75 and 108.15. The stock previously closed at Rs 107.85, while on Friday it closed at Rs 110.65, up by 2.27%.
In the last six months, the shares of the company have given 82.46% returns, and on a YTD basis, the stock has given 61.61% returns.
The stock has a 52-week high of Rs 116.35 and a 52-week low of Rs 55.20. The company has a ROCE of 9.36% and an ROE of 7.51%, with a market capitalization of Rs 11,361.49 crore.
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