Kalyan Jewellers Sets Sights on Aggressive Middle East Expansion Via Store Franchising to Slash Debt and Grow Global Presence

Gems News: Jewellery Giant to Add 170 New Stores Globally via Franchise Model

Kalyan Jewellers, one of India’s most prominent and trusted jewellery retailers, is charting a bold new course with plans to open 170 new showrooms during the 2025-26 fiscal year. Leveraging a franchise model, this move is expected to significantly reduce the company’s debt burden while accelerating both domestic and international growth—particularly in high-potential regions such as the Middle East, UK, and US.

Kalyan Jewellers sets to expand across India and Middle-East via a franchising model
Image Credit: Kalyan Jewellers

Founded in Thrissur, Kerala, and now a household name across India and abroad, Kalyan Jewellers has steadily expanded its footprint since its inception in 1993. With a stronghold of 287 stores across India, 36 in the Middle East, two in the US, and 81 Candere outlets, the brand is now targeting a sharper expansion curve. This Gems News report explores how Kalyan is balancing growth with financial discipline amid a highly competitive market.

Middle East to Anchor Overseas Push

According to Executive Director Ramesh Kalyanaraman, seven of the upcoming 90 Kalyan-branded outlets will be located overseas—including new stores in the Middle East, UK, and US—while 80 new stores are slated under the company’s lifestyle jewellery brand Candere, focused mainly on India. The expansion plan, primarily through franchises, means reduced capital outlay for Kalyan and a quicker path to profitability.

“In the Middle East, we already have a loyal customer base, and the Indian diaspora continues to fuel demand for high-quality, culturally resonant jewellery. It’s a natural fit for us,” Kalyanaraman said. The company has also revealed plans to launch a new Candere store in Dubai within the next quarter, with broader international rollouts expected from 2027 onward.

Debt Reduction a Key Focus

Beyond expansion, Kalyan is making a concerted push to strengthen its financials. The company successfully slashed ₹400 crore in debt last year and aims to reduce another ₹300 crore this fiscal, primarily targeting its Gold Metal Loan (GML) liabilities. By freeing up land parcel collaterals currently mortgaged to banks, Kalyan hopes to recycle assets into its core retail operations.

“We’ve planned our expansion in a way that allows us to stay asset-light. Because most of the new stores will be franchised, our direct capital expenditure is contained to ₹350–₹400 crore for maintenance and inventory,” said Kalyanaraman.

Manufacturing and Market Share Strategy

To streamline operations, Kalyan is consolidating its vast network of over 1,000 contract manufacturers by establishing a manufacturing hub in Thrissur before year-end. This move will help standardize supply chains and reinforce back-end efficiency, allowing the retailer to respond swiftly to evolving customer tastes.

With double-digit same-store sales growth continuing over the past eight to nine quarters and strong monsoon-related consumer sentiment, the brand is optimistic about boosting its current 8-9% share in the organized jewellery segment. “We typically gain over 1% market share each year, and we see this trend continuing,” Kalyanaraman added.

Looking Ahead

Kalyan Jewellers’ calculated expansion—anchored by its franchise-first model, strategic Middle East focus, and disciplined debt management—signals a new era for the brand. As the company gears up for international growth while reinforcing its domestic dominance, it’s positioning itself as a global force in the organized jewellery space.

With inquiries already coming in from Australia, Malaysia, and Singapore, Kalyan is choosing a calibrated path forward, ensuring each new market entry is supported by consumer demand and operational readiness. The balance between ambitious expansion and cautious financial planning could well make Kalyan a textbook case in sustainable growth for the luxury retail sector.

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