Dubai: Dubai-based jeweller JoyAlukkas Group is in the process of investing more than Dh1.81 billion (Dh6.67 billion) in expanding its retail network of jewellery stores in the Gulf and India, a top official said.
“We are planning to add up to a total of 200 stores including 100 stores in the next three years, covering all the Tier II, III and IV cities and towns in all the major states in India,” JoyAlukkas, chairman of the group told Gulf News. “Additionally, our current expansion plan in the GCC remains on course.”
He said per outlet requires an investment outlay of Rs500 million (Dh33 million).
“So, for 200 stores, the required investment outlay could be around Rs100 billion ($1.81 billion),” he said. “However, our first objective is to deliver 100 stores in the next three years, before we move to the next tier cities across the country.
“In addition to this, we are also working on developing a number of shopping malls and jewellery hypermarkets — where everything relating to gold, diamond jewellery and precious metals will be on display and sale. This would require an investment of a further $700 million (Dh2.5 billion).”
JoyAlukkas, who has been named amongst the top 100 most influential non-resident Indian businessmen in the Gulf by Forbes, has a networth well exceeding $1 billion.
JoyAlukkas, whose family has been in jewellery business for a long time, started his journey with a single jewellery showroom in the UAE in 1987 and went on to establish a number of profitable ventures in nine countries.
The group, which operates 85 outlets in the GCC and India, employs 6,000 professionals in six business verticals ranging from jewellery, fashion and silks, money exchange, shopping malls, luxury air charter and real estate. The group’s total turnover exceeds Dh6 billion from nine countries across all verticals.
“The complex relationships that exist between family members and the delicate balancing act required to combine family and work relationships have become great challenges,” said Ali Kazimi, Managing Director, International Tax Services at Deloitte Middle East. “There is no one rule that governs all. Every family business is unique, and its identity continues to be shaped over the many family generations,” he added.
The group operates under two legal entities including JoyAlukkas International that looks after the GCC, Middle East and International operation. It has 42 outlets in the Gulf and employs 1,000 staff that generates Dh2.8 billion in annual turnover.
JoyAlukkas India has a headcount of 4,000 people spread across 40 outlets that delivers annual turnover of Rs4.4 billion.
The company is planning to develop three shopping malls under the Malls Division, while its money exchange vertical will see 100 money exchange centres across the GCC and India within the next three years. It will add 20 more branches by March next year, including 10 in the UAE — a major money remittance source in the region.
Under the real estate vertical, the group plans to develop three lifestyle townships in Kerala and Karnataka states in South India, to benefit from the high demand for luxury properties.
It is also planning to add three new business jets to expand its operations as demand for business jet is driving the sector’s growth. The UAE is host to one of the largest number of millionaires in the GCC while India is home to one the of the largest number of billionaires in the world — which is driving the growth of the sector.
