Renaissance Jewellery eying domestic market

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Chennai, Nov 15 (UNI) Renaissance Jewellery, a leader in the studded precious stone jewellery business, having established presence in the US markets, has decided to shift its focus in the domestic market, by opening 250 outlets in the next three years.

Addressing a press conference here, in connection with its entry into the capital market, company MD Sumit Shah said initially they would open shops in all the major cities in Tamil Nadu, Kerala, Andhra Pradesh and Karnataka before moving to the North.

The company, which was in the studded jewellery business for the past ten years, had so far, developed more than 30,000 designs and last year alone, it had developed about 6,500 designs.

The company, which was mainly focussing in the US markets, earning 99.5 per cent of its revenue through exports, decided to shift its focus in the Indian market as the demand for studded jewellery started growing in the country.

The studded jewellery market was estimated to be US Dollar 42 billion, of which, US alone accounted for 20 billion. The size of the market for this jewellery in the country is 2.5 billion, he said.

Mr Shah said for funding the company's capacity expansion at its Bhavnagar (Gujarat) and Mumbai units and invest in its subsidiary in the US, the company was entering the capital market with about 53 lakh equity shares.

The shares would be offered through 100 per cent book building process and the price band had been fixed at Rs 125 and Rs 150. The issue would open on November 19 and close on November 21, he said.

UNI

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