MUMBAI: Gitanjali Gems premium diamond jewellery brand Gili plans to enlarge its retail network in smaller towns constant as it eyes a 50 per cent top-line growth this fiscal, a top company official said. The official said, Gili the wholly-owned additional of Gitanjali Gems, it is looking at opening 31 stores this economic at an investment of Rs 200 crore.
“We are looking at escalating our store network to 50 this financial. At present, we have 19 EBOs as well 400 shop-in-shops. Our focal point will be on Tier II and III cities as the growth is coming in from there, Gili CEO Rahul Vira told PTI here on Wednesday. The demand for diamond jewellery has better multiple in the last two years due to spiralling prices of gold, said by Vira. adding that conservation has increased in smaller markets following a rise in income and spending competence.
On sales, Vira said that the company is eyeing a 50 per cent growth this monetary.
“Diamonds give good restrictions and with a possible rise in prices this year, we expect good sales. Diamonds are still cashable. The company’s revenues in FY’10 stood at Rs 428 crore. The company is also investing largely on marketing actions and advertising, Vira said, adding that Gili alone invests around Rs 15-20 crore on such tricks once a year.
“People have become more brand aware today, and we are looking at linking with people through their favourite celebrities. We are expenses Rs 15-20 crore every year on advertisements and campaigns.
