DELHI: Leading branded jewellery player, Kalyan Jewellers, has set a target to open 170 showrooms in the financial year 2026.
During the recently concluded quarter (Q3FY25), the Kerala-based company added 46 showrooms across its Kalyan and Candere formats, bringing the total showroom count to 349 as of December 31, 2024.
This includes 253 showrooms in India, 36 in the Middle East, one in the USA, and 59 under the Candere brand.
For the January-March quarter of the current fiscal (Q4FY25), the company plans to open 30 new Kalyan showrooms and 15 Candere showrooms.
"For FY 2026, we have drawn up plans to launch 170 showrooms across Kalyan and Candere formats - 75 Kalyan showrooms (all FOCO) in non-south India, 15 Kalyan showrooms (all FOCO) across south India and international markets and 80 Candere showrooms in India," said Kalyan Jewellers on Tuesday.
The company has already started signing letters of intent (LOIs) for the franchisee-owned company-operated (FOCO) showrooms planned for the next financial year in India and international markets.
Kalyan Jewellers' aggressive expansion comes amid rising competition and an increasing consumer preference for branded players.
According to financial services firm Motilal Oswal, the Indian jewellery sector has witnessed a shift of over 14% towards organised players, with their market share growing to 36-38% over the past five years.
Other prominent brands in this space include Tata Group's Tanishq, Joyalukkas, Malabar Gold and Diamonds, PC Jeweller, and Senco Gold. Additionally, the Aditya Birla Group entered the jewellery market last year, further intensifying competition.
Healthy growth
Kalyan Jewellers said that it recorded revenue growth of 39% in the October-December quarter when compared to the same period in the previous financial year.
Its India operations witnessed revenue growth of 41% during Q3 FY2025 as compared to Q3 FY2024, led by strong festive and wedding demand across both gold and studded categories.
In the Middle East, the company witnessed revenue growth of 22% in Q3FY25.
The Middle East contributed 11% to Kalyan’s consolidated revenue for the recently concluded quarter.
Kalyan also launched its first showroom (Company Owned Company Operated) in the United States of America during the quarter.
The company’s digital-first jewellery platform, Candere, recorded a revenue growth of 89% during the recently concluded quarter.
