M Kiran Kumar, Chairman and Managing Director, Lalithaa Jewellery said that while retaining focus on south India states including Tamil Nadu, Karnataka, Telangana and Andhra Pradesh, the company would also have plans for north India.
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SRINATH M
After registering a successful Initial Public Offer (IPO), Lalitha Jewellers will now go global by opening its showrooms in Malaysia followed by Singapore, according to M Kiran Kumar, Chairman and Managing Director, Lalithaa Jewellery Mart Ltd.
Addressing a media conference here on Saturday, he said while retaining focus on south India states including Tamil Nadu, Karnataka, Telangana and Andhra Pradesh, the company would also have plans for north India after reaching 110 showrooms in the south from 64 stores at present.
“We will open another 110 new showrooms in south India from 64 at present. We have already committed to set up a showroom in Malaysia which will be doing over next two months, followed by one in Singapore,’’ Kumar said.
After reaching 175 showrooms in the South, Lalithaa will expand to north India, he said, adding: “First target is Maharashtra followed by Uttar Pradesh and Delhi.
The successful listing of the IPO increased his responsibility, Kiran Kumar said, “I started the business by selling 48 grams of gold belonging to my mother and had ₹80,000 crore in Lalitha Jewellers account for IPO which shows trust in me,” he said.
While avoiding a query on the likely trends in the gold price and some concerns among a section of people in buying gold in the current high-price scenario, Kumar said as the gold price would always increase than what was the buying price in the long-run, there was no need for any concern: “No body should be afraid of buying gold on the grounds of high price,’’ he added.
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