Joyalukkas targets north India expansion with 60 new stores in 3 years

Leading jewellery group Joyalukkas is set to open 60 new showrooms over the next three years, with a focus on expanding beyond its stronghold in south India.

Chairman and Managing Director Joy Alukkas shared this in an interview with Business Line, outlining plans to boost the company's presence in northern states like Gujarat, Uttar Pradesh, Bihar, and Rajasthan.

Currently, south India contributes the bulk of Joyalukkas' revenue, with only 15% coming from the northern region. Joyalukkas aims to increase north India’s share to 25% by expanding the showroom footprint. However, there are no immediate plans to adopt a franchise model.

The company has benefited from the central government’s recent reduction in gold import duties, which has provided relief to the jewellery sector, Joy Alukkas said.

Joyalukkas reported a 4% increase in turnover for the June quarter, reaching Rs 6,965 crore, up from Rs 6,671 crore. Total revenue for the fiscal year 2023-24 was Rs 24,830 crore.

Global plans

With 101 branches globally, including 59 outside India, Joyalukkas is also targeting international markets. New stores are planned in Canada and Australia, regions with significant Indian populations. Currently, the group employs around 4,000 people overseas.

Despite earlier plans for an IPO, the company has no current intention of listing on the stock market. In 2022, Joyalukkas shelved a Rs 2,300 crore IPO plan.

In an intereview, Joy Alukkas had told dhanamonline that they had previously rejected a proposal from late investor Rakesh Jhunjhunwala, who expressed interest in acquiring a majority stake.