Over century-old noted jewellery retailer Vummidi Bangaru Jewellers has forayed into the United States market with the launch of a new store in Dallas, the company said on Wednesday.
Over the next three years, the company has planned to strengthen its presence with three more stores in the US and eight in Tamil Nadu with an investment of Rs 1,850 crore.
With the foray into the United States, the jeweller plans to garner USD 100 million in revenue in a year and expects at least 30 per cent of this to contribute to the overall business in the next three years.
"The first store in Dallas is a testimony to the fact of what our customers need in the United States. Each and every piece of jewellery reflects the ethos of VBJ in quality, contemporary style, and design," Vummidi Bangaru Jewellers Managing Partner Amarendran Vummidi said.
"We are planning to open three more in Chicago, Virginia and California in the next three years," he said on the expansion plan.
The facility in Dallas, inaugurated on October 19, is spread across a land measuring 7,000 sq ft and would be the company's flagship store. It would retail all the company-made gold, silver, platinum, and diamond jewellery.
On setting up retail stores in Tamil Nadu, he said, "Our strategy of going to where our customers are, will be realised with this venture in the US followed by eight more covering various cities of Tamil Nadu including Chennai, Madurai, Tiruchirappalli, Tirupur and Tirunelveli."
Vummidi Bangaru Jewellers currently has two showrooms in Chennai.