KRIZZ TO OPEN 53 B2B STORES IN 2015- 17
Chennai- based gold jewellery manufacturer, Krizz has set an aggressive expansion plan to open 53 business to business stores in 2015- 17 with investment of around ` 1,000 crore. The company is targeting a revenue of ` 20,000 crore by 2020, as part of its ambitious expansion strategy.
The company right now has 900 retailers who buy gold jewellery from Krizz and is expecting to have 20,000 retailers in over three to four years. “In the first phase we will be investing ` 400 crore for setting up eight flagship stores in Chennai, Delhi, Hyderabad, Dubai and Mumbai among others. Around ` 580 crore will be invested in setting up the rest of the stores all over the country,” said Krizz, CMD, Bhupesh Jain.
The company opened its first B2B jewellery showroom in the Delhi on Thursday and will open next store in Mumbai. It also operates showrooms in Chennai and Ahmedabad. Out of the 53 B2B stores planned, three will be in foreign locations: Dubai, Singapore and Malaysia.