Dubai-based company Joyalukkas is mapping the expansion plans for its jewllery retail business, targeting to open 100 outlets in the near future in ten countries. On the other side, it is also looking to add further 100 outlets of its money exchange business.
Speaking about his expansion roadmap, Joy Alukkas, Chairman, Joyalukkas group, said the jewellery retail chain would add 15 new outlets to its existing network of 85 in nine countries, mainly in the Gulf and India.
The group will open its first jewellery outlet in Malaysia soon, expanding its geographical reach currently in the Gulf, India, Britain and Singapore.
Joyalukkas Money Exchange is also planning to have 100 outlets within the next three to four years in GCC countries and India.
Indian jewellery chains and money exchange companies have been expanding their network in the Gulf after the introduction of a new customs duty and other restrictions on gold import by the Indian government.
Joyalukkas chairman said: “It has been an amazing journey for the past 25 years and I believe our single- minded objective to be the world’s favourite jeweller has kept us motivated to rapidly.”
Other businesses under the Joyalukkas group will also undertake aggressive expansion plans.