Senco Gold to Open 18-20 New Stores, Targets 20% Revenue Growth

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Senco Gold and Diamonds is planning to open 18 to 20 new stores, aiming for up to 20% growth in revenue. The expansion plan includes 10 to 12 company-owned stores and 8 to 10 franchise outlets.

Senco Gold and Diamonds Expansion News Today

Senco Gold and Diamonds, a renowned jewellery retailer, has announced plans to open 18-20 new stores this year. This expansion will include 10-12 company-owned locations and 8-10 franchise outlets. The company's strategy aims to enhance its market presence and cater to a growing customer base.

Revenue Growth Target

The company is targeting an impressive revenue growth of 18-20%. Suvankar Sen, the Managing Director and CEO, emphasised that the stabilisation of gold prices following the resolution of election uncertainties will boost buying activities in the second quarter.

Explore:Senco Gold Limited Share Price

New Store in Dubai

In addition to its domestic expansion, Senco Gold and Diamonds has ventured into the international market by opening a store in Dubai. This move aims to reach not only the Indian and subcontinental diaspora but also to introduce Kolkata handcrafted jewellery to a broader audience appreciating Indian handmade jewellery.

Old Gold Exchange Program

Senco Gold and Diamonds has witnessed a significant increase in contributions from its old gold exchange scheme. Currently, 60-70% of the gold received under this program comes from non-Senco customers. Over the past two years, the contribution from this scheme has risen to 25-30% of total sales, up from the previous 20-22%.

Market Trends and Strategies

Sen noted that natural diamond prices have been under pressure in recent months. Despite this, he believes the natural diamond market and lab-grown diamonds (LGD) market will coexist. Currently, diamond jewellery constitutes about 15-20% of the overall jewellery sector.

Focus on 14-carat and 18-carat Jewellery

With rising gold prices and increasing demand from the younger generation, Senco Gold and Diamonds is focusing on 14-carat and 18-carat jewellery, anticipating a positive growth trajectory for these segments. Sen highlighted that these types of jewellery, especially those incorporating stones and diamonds, are expected to grow more than plain gold jewellery.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text