Kalyan Jewellers, India’s premier retail chain has announced that it will enter the city of Ayodhya during Q4 FY 2023-24. The company currently operates 235 stores in India and the Middle East. The company said it will open 13 Candere stores, specialising in diamonds and 12 stores bearing the Kalyan Jewellers legacy name.
Two new stores of Kalyan Jewellers are expected to come up in the Middle East during this quarter, according to a release shared by the company to the Stock Exchange bourses.
“The ongoing quarter should witness the launch of the company’s 250th showroom in Ayodhya, a milestone in our journey”, the company said in the release.
Kalyan Jewellers reported a turnover of INR 14,071 Cr (USD 1.8 Bn) for FY 2023 and recorded Gross Profit of INR 630 Cr for the same period. The company employs over 8,000 people across its network of stores.
The new temple of Lord Sri Ram at the Ramjanmabhoomi will be inaugurated on 22 Jan. ‘24. The Ayodhya Development Authority is expecting a footfall of 3 lakh people everyday for the first few months.
The continuous flow of tourists is expected to raise the income levels of the people in any city and Ayodhya would be no different.
Agra, which houses Taj Mahal has witnessed an impressive economic growth over the last 20 years due to a spike in domestic and international toursists. A similar, but a much faster economic boom is expected in the city of Ayodhya and its surroundings in the near future.
While the Taj Mahal is the most visited single tourist destination in India with daily footfalls of 40,000, the new temple to be consecrated is expected to have an 8x increase in daily footfalls of visitors to the city.