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Kolkata-based jeweller Senco Gold Ltd plans to focus on expanding its retail presence in South India – Karnataka, Telengana and Andhra Pradesh, Tamil Nadu and Kerala – over the next two fiscal years.
Immediate focus though is to foray into Bengaluru over the next two-to-three months.
According to Suvankar Sen, Executive Director, Senco Gold Ltd, the company is eyeing a turnover of Rs 2,000 crore from domestic operations by FY-18.
“We intend at a near doubling of our turnover from domestic retail operations and expansion in the South will play a major role in it,” Sen told BusinessLine .
This doubling, he said, will be possible on the back of its expansion in the retail network to 100 from the existing 63.
Of these 37-odd new retail stores, approximately 25 (nearly 70 per cent) will be in the South. These new stores will come-up by FY-18.
In the South, stores will mostly come-up across Bengaluru; followed by Hyderabad and Chennai.
Currently, most of the new stores will be company-owned and once the brand gets established, it is likely to take the franchisee-route for expansion.
Senco Gold reported a turnover of approximately Rs 1,300 crore, of which Rs 1,100 crore came from domestic retail operations. The remaining comes from export.
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