Joyalukkas to invest Rs 2400 crore in retail expansions

Jewellery retailer Joyalukkas will invest Rs 2,400 crore over the next two years to add 40 more stores. The company also announced plans to enter Australia and Canada soon to expand its international footprint.

“We will be setting up 40 large-format stores in FY 2024-25. Each store will entail an investment of Rs 60 crore. We have 160 stores at present,” said Joy Alukkas, CMD of Joyalukkas India, in an interview with FE.Joyalukkas has presence in 11 countries including the US, UK, Singapore and Malaysia among others. The company reported a turnover of Rs 14,513 crore in FY2023, with a net profit of Rs 899 crore. “We are aiming for a turnover of Rs 17,500 crore for FY2024 and a net profit of Rs 1,100 crore,” the CMD stated.