Kalyan Jewellers Expands Franchise Model, Aims to Open 170 Stores

As of June 30, 2025, Kalyan Jewellers had a total of 406 showrooms across India and the Middle East. The company now plans to open an additional 170 stores in the 2025-26 fiscal year, with 90 under the Kalyan brand and 80 under its lifestyle jewellery brand Candere.

The domestic expansion will focus on non-south Indian markets, including tier I, II, III, and IV cities, through the franchise model. Overseas, Kalyan Jewellers will open seven new stores in the UK, US, and Middle East. The company is also exploring opportunities in countries with a large Indian diaspora, such as Australia, Malaysia, and Singapore, but its international expansion will be "very calibrated."

By expanding through franchises, Kalyan Jewellers will not have to invest heavily in the new stores. Instead, the company plans to use the excess cash to reduce its debt, primarily targeting its Gold Metal Loan (GML) liabilities. Last year, the company reduced its debt by ₹400 crore, and this year, it aims to further reduce it by ₹300 crore, making its balance sheet lighter.

Kalyan Jewellers' Executive Director Ramesh Kalyanaraman stated that the company is optimistic about its growth prospects, with the ongoing expansion, good monsoon, and double-digit same-store sales growth in the past 8-9 quarters. The company is also working on improving its back-end operations, including setting up a contract manufacturing hub in Thrissur, to support its expansion plans.