Kirtilal Kalidas to expand footprint

Kirtilal Kalidas Jewellers (KKJPL), makers and retailer of premium diamond and gold jewelry,

is planning to open 16 new retail outlets with an outlay of around Rs 320 crores. The Coimbatore-based jeweler at present operates eight outlets in the four southern states and one in Ludhiana. The ninth store is to be opened in Vishakapatnam, Andhra Pradesh in September 2010.

 According to Kishore G Paramsivan, COO they are now focusing on consolidating their backward operations by installing ERP and SAP, which is expected to be completed by early next year. Post consolidation, they are planning to open 6-7 stores every year till 2013, each with an investment of Rs 20 crores. The retail expansion would be funded through a mix of debt, internal accruals and promoters’ equity.

The company has not yet decided to go public. One of the major players in the Rs 10,000-crores diamond jewelry retail market in the country, they had reported a 6 per cent decline in sales due to the economic downturn. However, things have started picking up again and they witnessed a 30 per cent growth since January this year.