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Kalyan Jewellers gets Dh700m private funding [Gulf News (United Arab Emirates)]
[October 21, 2014]

Kalyan Jewellers gets Dh700m private funding [Gulf News (United Arab Emirates)]


(Gulf News (United Arab Emirates) Via Acquire Media NewsEdge) Dubai India's Kalyan Jewellers, which recently made a splashy entry into the local marketplace, is picking up Dh700 million plus by selling a minority stake to Warburg Pincus, the private equity giant.



The funds will come in handy as the retailer expands its regional footprint, through openings in Kuwait and Qatar, as well as into Southeast Asia, in Singapore and Malaysia. In all, an additional 28 locations are likely to open within a six month time frame.

"Kalyan Jewellers is excited about its next phase of growth as we continue to challenge conventional beliefs and practices in the industry and create a strategy which will shift the paradigm in the industry," said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers, In its domestic market, Kalyan — which India's Bollywood icon Amitabh Bachchan as brand ambassador — has built up a network of 55 outlets, while there are six in the UAE. At the time of the UAE launch, senior officials confirmed plans were afoot to use Dubai as the hub to help with sourcing arrangements for all non-India operations. The retailer is aiming for revenues of Dh15 billion in the medium-term.


The Warburg Pincus investment is, incidentally, the largest private equity play made to date in India's jewellery making and distribution sector.

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