Reliance Retail Limited has entered the jewellery retail line through ‘Reliance Jewels’.
The company has opened its first jewellery specialty store in Bangalore.This 6,000 sq ft store of three floors will offer more than 10,000 designs of jewellery from all parts of the country.
Bijou Kurien, president and chief executive (lifestyle),Reliance Retail said “"After Bangalore, we have plans to open our next store in Hyderabad and Ludhiana. Depending on the performance of these three stores, we would think of leveraging the investment."
"We plan to open 300 exclusive jewellery specialty stores, some of which will be owned by the company while others would be franchised," he added.
Kuriend said “After food and apparel, jewellery is the third largest category in India. Secondly, the national and organised chains in the jewellery business and their contribution to this category are considerably low, but it is growing rapidly. So, we felt that there is a huge opportunity in the national and organised retail jeweller business.”
Ashok Kaul, Biz Head and VP-Jewellery, Reliance Industries Ltd said “It is a huge market and we are targeting about 10 per cent of that going forward. By 2010, we plan to overtake Tata’s Tanishq, the largest organised player in this market now.”