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We recently interacted with various business teams of Kalyan Jewellers India Ltd. to assess fundamental drivers for growth.
We reckon, Kalyan has inherent advantage to its business model – hyperlocal strategy, generating strong enquiries given its solid understanding on local taste and demand for designs.
Further our interaction with teams running, hallmarking center, wholesale manufacturer and ‘My Kalyan’ displayed confidence on generating strong consumer demand working closely with wedding eco-system (~20% of revenues).
Management alluded resilient business momentum and improving same stores sales growth driven by footfalls across geographies, yet it remains upbeat on doubling store count in three years in non-south markets driven by own stores and franchise owned company operated stores (50-60) improving its studded jewelry ratio.
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