Joyalukkas to hit two centuries

Dubai-based jewellery retailer Joyalukkas plans to increase its outlets to 100 in the near future in ten countries and also expand its money exchange business to 100 outlets.

Speaking about his expansion roadmap, Joy Alukkas, Chairman, Joyalukkas group, said the jewellery retail chain would add 15 new outlets to its existing network of 85 in nine countries, mainly in the Gulf and India.

The group will open its first jewellery outlet in Malaysia soon, expanding its geographical reach currently in the Gulf, India, Britain and Singapore. Joyalukkas Money Exchange is also planning to have 100 outlets within the next three to four years in GCC countries and India.

Indian jewellery chains and money exchange companies have been expanding their network in the Gulf after the introduction of a new customs duty and other restrictions on gold import by the Indian government.

Joyalukkas chairman said: “It has been an amazing journey for the past 25 years and I believe our single- minded objective to be the world’s favourite jeweller has kept us motivated to rapidly.”

Competitors of Joyalukkas have been aggressively expanding in the Gulf and in India by opening new branches every second or third month. In money exchange business also, rivals have announced plans for 100 outlets, prompting the jewellery retailer to expand in the money transfer business too.

Joyalukkas has diverse business interests like money exchange, shopping malls, fashion and silks, luxury air charter and real estate.

Joyalukkas’ expansion plans include major Indian metros and Malaysia. The focus of Joyalukkas future expansion is the Indian and international market outside the GCC, said company sources.

Other businesses under the Joyalukkas group will also undertake aggressive expansion plans.

Joyalukkas Money Exchange will see rapid expansion during the current year with eight new outlets planned in Kuwait, four in Oman, seven in India and two in the UAE. “The plan for Joyalukkas Money Exchange is to make it a 100-outlet chain within the next three to four years,” said Antony Jos, director, Joyalukkas Money Exchange.

The group also plans to expand its fashion and silk chain ‘Jolly Silks’ to Kuwait and Qatar in 2013.

Claiming a loyal customer base of 10 million customers across the world, Joyalukkas has roped in singer Shreya Ghoshal as  brand ambassador to promote the brand among Indian customers. Ghoshal appeals to not only Hindi speakers, but also to speakers of five South Indian languages including Malayalam, said John Paul Joy Alukkas, Executive Director, Joyalukkas group.

Joyalukkas also launched a refreshed JGR (Joyalukkas Golden Rewards) card by handing over the first card to Ghoshal who is promoting the brand through new commercials that will be splashed on TV, radio and the print media.

Apart from Ghoshal, the group has a wide range of other celebrity brand ambassadors like Vidya Balan, R Madhavan, Suresh Gopi, Allu Arjun, Kiccha Sudeep and Jayaram.

The group has about 6,000 employees in nine countries.

 

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