Fine jewellery brand Joyalukkas expects to see its revenue grow at a double-digit rate to reach Rs 17,500 crore by the end of the 2024 financial year on March 31, 2024. The business will continue expand its brick-and-mortar presence, both across India and internationally.
Joyalukkas predicts a 20% year-on-year increase in revenue this financial year, ET Bureau reported. The business reported a revenue total of Rs 14,513 in the 2023 financial year and is confident that it will keep up its growth momentum for the remainder of the current fiscal year.
The business predicts profits totalling Rs 1,100 this financial year. Joyalukkas gains around 70% of its total revenue from its India operations and 30% from its international outposts. For the 2024 financial year, Joyalukkas has projected a revenue total of Rs 7,500 crore for its global operations, up from the Rs 6,926 crore it reported for the 2023 financial year.
“We plan to open 40 new stores in FY24-25,” said the business’ chairman and managing director Joy Alukkas, ET Retail reported. “We will open 30 stores in India and 10 outside India.”
Joyalukkas is based in Thrissur in Kerala and in Dubai and was launched by Joy Alukkas in 2001. The business retails from its extensive store network as well as its direct to customer e-commerce store.
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