The Hindu : Business : Joyalukkas sets up outlet in Chennai

Online edition of India's National Newspaper
Thursday, Jun 28, 2007
ePaper

Business

Business

Joyalukkas sets up outlet in Chennai

Special Correspondent

Plans to tap capital market next year

To invest Rs. 70 cr. in Chennai
Showroom in Bangalore planned

CHENNAI: Well-known jewellery retailer Joyalukkas Group, which has international presence, is toying with the idea of tapping the capital market with an initial public offer (IPO) next year.

The Rs. 2,500-crore group is promoted by Joy Alukkas, a non-resident Indian from Kerala.

Expansion binge

The group has 16 jewellery showrooms in India, 34 in the Gulf and one in London. It is now on an expansion binge in India.

It is in the process of putting up a couple of jewellery showrooms — one each in Chennai and Bangalore. The upcoming outlet in Chennai will be the world’s largest jewellery retail showroom. It will come up on 70,000 sq. ft. space at an investment of around Rs. 70 crore. At present, the world’s largest jewellery showroom is in Turkey, spread over 30,000 sq. ft.

In an interaction with The Hindu, Joy Alukkas, Chairman of the group, said, the group had also put up a 7,000 sq. ft. showroom in Dubai, the biggest in the Middle East.

The group, he said, was hoping that the new showroom in Chennai would attract buyers from Andhra Pradesh and Tamil Nadu and generate about Rs. 500 crore sales a year.

It was also planning a 33,000 sq. ft. showroom on St. Mark’s Road in Bangalore. With all its expansion plans, the group was looking at doubling its present turnover of Rs. 700 crore by March 2008 in India.

Printer friendly page
Send this article to Friends by E-Mail

Business