VBJ plans multi-city expansion, eyes Rs 5,000cr topline

Chennai: Vummidi Bangaru Jewellers (VBJ), a 125-year-old jewellery retailer, is planning a domestic and international expansion with an initial investment of Rs 500 crore. The company is targeting revenue of Rs 5,000 crore by FY28, supported by retail expansion and sustained consumer interest in jewellery. "Currently, we have annual revenues of over Rs 2,400 crore. We aim to reach Rs 5,000 crore in the next 18 months, and subsequently Rs 10,000 crore," said Amarendran Vummidi, managing partner, VBJ. Announcing its new 14,000 sq ft showroom in Chennai, the fifth-generation management said the company will deepen its presence in Tamil Nadu and expand into Telangana, with new stores planned in Coimbatore, Tiruchirappalli and Hyderabad. It will also add outlets in Chennai's T Nagar and Chromepet, building on its existing network of three stores in the city. "India's luxury segment is also growing rapidly. All segments are moving upward—from middle to premium, and from lower to middle. With rising incomes, jewellery continues to be both a symbol of wealth and an appreciating asset," he said.Internationally, VBJ plans to scale up in the United States, adding a new showroom in Milpitas, California, to build on its presence in Texas and cater to the Indian diaspora. The company will also launch its digital gold offering next week to engage younger, tech-savvy consumers. The app-based platform will enable purchases by value or weight at live rates, with gold credited to customer accounts and options for physical delivery or sale at prevailing prices, with payouts within a week, said Jithendra Vummidi, managing partner. VBJ, which crafted the Sengol (sceptre) that was rediscovered after 72 years and installed in the new Parliament building, is also expanding its design team from 25 to around 40 members to serve a wider customer base, including premium buyers and HNIs.
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