Gitanjali Gems plans to increase its international retail business both in organic as well as inorganic sectors to raise the share of its retail sales from international branded business currently at 20 percent to 50 percent by 2010.
In monetary terms, Gitanjali Gems hopes to earn Rs100 crore this year from branded exports.
Chairman of Gitanjali Group, Mehul Choksi, informed that the company plans to invest Rs50 crore in its international operations in financial year 2007 and would set up a subsidiary, Gitanjali Retail International in Dubai to facilitate its overseas business.
Group which has 80 outlets in Dubai plans to enter new markets like US, UK and Saudi Arabia where it plans to open 20 shop in shops by the year end.
Company further plans to open standalone stores under the Giantti brand in China and Thailand where it will not only develop new brands but also retail its existing brands.
It plans to raise the number of stores in these countries 40 and 20 respectively by the end of the year from four stores it has right now. Company is also in talks with retail chains in US and is in search of brand acquisition in China as well.
Overall, Gitanjali group plans to end the current year with 70 standalone stores and 150 shop in shops offshore operations.
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