Indian jewellery retailer Gitanjali Group plans to invest up to $75m in growing its number of retail outlets in the UAE to 110 within two years..
Gitanjali Group chairman and founder Mehul Choksi told Arabian Business that the firm is opening a series of stores in the UAE.
"We have 50 shop-in-shop contracts all over the UAE. We want to be in 110 shops in the UAE within one and a half years time," Choksi said.
"It is a total investment of up to $50 million to $75 million over the next two years.
"We have been familiar with the market… We have been working very closely with the UAE for the past 15 years."
The group plans to expand the brand into Saudi Arabia and is looking at opportunities in Bahrain, Qatar and Kuwait.
With the latest expansion plan, over 75 new jobs are expected to be created over the next two years.
The retailer’s net sales for the full year ended March 2012 jumped 33% to Rs124.98bn ($2.24bn), with jewellery sales up 40% to Rs70.05bn ($1.26bn) during the same period.
Founded in 1966, Gitanjali Group has an annual turnover of over $2.1bn and has around 4,000 points of sale in India, with additional stores in China, Japan, the US, and the UK.
The group, which involved in jewellery manufacturing, branding and retailing, also has operations in Belgium, Italy, Middle East and Thailand.
Gitanjali brands cover products ranging from loose diamonds to diamond studded jewellery and other stone-studded jewellery, in gold, silver, steel and combinations, as well as high-end watches, jewellery-watches, luxury artefacts and accessories.
The company’s distribution network comprise of 112 distributors and 1250 retail outlets in India alone.