Rajesh Exports to scale up retail

Rajesh Exports, one of India’s top jewelry manufacturers and exporters, plans to open 550

retail stores in three years. The company, which operates its retail stores under the brand Shubh, has 14 retail stores in Karnataka. It plans to invest Rs 65 billion in the coming three years to fund its retail expansion. The jewelry exporter plans to increase its contribution from retail operations to 55 to 60 per cent in three years from the current seven per cent. It expects revenues from retail to touch Rs 250 billion in three years. The firm’s current order book stand at Rs 54.65 billion and it plans to close the year with a topline of Rs 200 billion and a of Rs 2.56-3 billion.

Headquartered in Bangalore, Rajesh Exports manufactures gold and diamond jewelry. It exports its products worldwide and distributes them within India to the wholesale jewelry market. The company has developed several innovative technologies and processes in the manufacture of jewelry and has a presence in the entire jewelry cycle beginning from refining of gold to retailing jewelry. Rajesh Exports also hopes to buy a mine in South Africa or Australia. The company is planning to set up a refining unit in 2012 at an investment of Rs 2-3 billion.