Gitanjali to open 40 Maya stores, expects 1,000-cr revenue | business | Hindustan Times
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Gitanjali to open 40 Maya stores, expects 1,000-cr revenue

business Updated: Dec 16, 2009 21:27 IST
Gitanjali lifestyle

Jewellery-maker, Gitanjali Lifestyle Ltd, plans to roll out 40-stores of its multi-format lifestyle brand 'Maya' over the next three-years and expects revenues worth Rs 1,000-crore from its operations.

The company on Wednesday announced its acquisition of a 76 per cent stake in Salasar Retail Ltd, a chain of mid-sized departmental stores across India.

Gitanjali Lifestyle CEO, Devasish Dutta, said the company will brand the existing 10 Salasar stores as Maya and spend up to Rs 240-crore to add 40 multi-storeyed outlets over the next three-years.

"We expect revenue of Rs 1,000-crore in the next three-years from different Maya concepts. About 60-70 per cent of the revenue will be from jewellery. We will also keep clothes on consignment from our agreements with apparel makers like Lee Cooper and Allen Solly," Dutta told reporters.

With this move, Gitanjali will gain access to prime catchment areas of cities like Delhi, Cuttack, Gwalior, Guwahati, Indore, Agra, Allahabad, Kanpur, Raipur and Lucknow.

The company, which operates 5-lakh sq ft of retail space, aims to increase its footprint by an additional 1.25-to-1.5-million sq ft by fiscal 2011 through a revenue sharing model in prime catchment areas.