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JoyAlukkas Eyes Diverse Business Expansion

28 november 2012

Dubai-based jeweler JoyAlukkas Group is in the process of investing more than $1.8 billion in expanding its retail network of jewelry stores in the Gulf and India, a top official said, Rapaport reported citing Al Nisr Publishing LLC.
"We are planning to add up to a total of 200 stores including 100 stores in the next three years, covering all the tier II, III and IV cities and towns in all the major states in India," Joy Alukkas, the chairman of the group, told Gulf News. "Additionally, our current expansion plan in the GCC remains on course."
He said an investment outlay of about $8 million was required for each outlet.
"So, for 200 stores, the required investment outlay could be around INR 100 billion ($1.81 billion)," he said. "However, our first objective is to deliver 100 stores in the next three years, before we move to the next tier cities across the country. "
"In addition to this, we are also working on developing a number of shopping malls and jewelry hypermarkets, where everything relating to gold, diamond jewelry and precious metals will be on display and sale. This would require an investment of a further $700 million (AED 2.5 billion)."
The group, which operates 85 outlets in the GCC and India, employs 6,000 professionals in six business ranging from jewelry, fashion and silks to money exchanges, shopping malls, luxury air charter and real estate.