Leading jewellery retailer Gitanjali Group plans to set up a total of 550 shops in India and abroad by end of this year.
“We are certainly looking at expansion in retail business. We aim to set up additional 300 shops in India and 250 in abroad by the end of the current year,” Gitanjali Group Chairman and Managing Director Mehul Choksi was quoted by PTI as saying.
The expansion in the domestic market will be through a franchise route in Tier II and III cities as rents are lower than the tier I cities, he said, adding that about Rs 50 crore will be invested this year for domestic expansion. At present, Gitanjali has 104 stores in the country.