Indian jeweller Senco Gold and Diamonds plans to open its first stores in Singapore and Malaysia within two years.
Senco is described as one of India’s leading jewellery brands and plans to open 30 new stores across the country and abroad by the end of 2018 financial year.
“We already have 70 stores across the country and have plans to establish 30 more in India and also in the South East Asia by the end of 2017-18”, MD Sankar Sen told the Economic Times.
The rapid expansion will in part be funded by an IPO in India planned for the same year.
Sen says the company achieved a 12 per cent increase in turnover last year and is targeting a 20 per cent increase in sales in the current fiscal year, the vast majority in its home market.
Senco is one of the oldest jewellery merchants and retailers in India, dating back to 1938.
It currently has more than 50 showrooms in India and is the largest retail chain in eastern India. The company currently exports products to the US, UK, Singapore and Middle East for sale by other retailers.
