Kalyan Jewellers to invest RO10mn in Oman, plans five new stores
India-based Kalyan Jewellers, which is set to open two new stores in Muscat soon, is planning to invest around RO10mn in Oman in next two years as it looks to open five new stores across the sultanate, a senior company official said on Tuesday.
In December 2017, the Indian gold retailer entered Oman’s market by opening three stores in the country. Buoyed by good response, the company is now planning to open another two stores – one each in Ruwi and Seeb locality.
“We are planning to open five more stores in next two years to expand our operations in the sultanate. As of now, our all five showrooms (including two new ones) are in Muscat only. But, we will be expanding to other cities soon,” said Ramesh Kalyanaraman, executive director of Kalyan Jewellers.
On investment in Oman, he said each store will require an investment of around RO2mn-RO2.5mn for building up an inventory, design and other costs. “So, total investments earmarked for opening five more stores in next two years will be around RO10mn.”
Kalyanaraman said so far the company has already invested around RO10mn in the country. In its first year of operations in Oman, Kalyan Jewellers has clocked a revenue of around RO10mn, and with the opening of two more stores they are expecting a sales turnover of around RO18mn in 2019.
Headquartered in Thrissur in Indian state of Kerala, Kalyan Jewellers is one of the largest jewellery manufacturers and distributors in India.