Chennai Silks eyeing Rs 10,000 cr biz by 2015

CHENNAI: Leading textile chain Chennai Silks, which has forayed into the jewellery business, is eyeing to more than double its turnover to Rs 10,000 crore by 2014-15.

The Group's turnover covering all business stood at Rs 4,000 crore at the end of 2011-12 fiscal and is "eyeing a total turnover of Rs 10,000 crore by 2015 fiscal," K Manickam, Managing Director of Sree Kumaran Thangamaaligai, a sister concern of Chennai Silks, said after inaugurating the renovated and extended jewellery showroom here.

He said the company would open four new jewellery showrooms by April next year in Madurai, Vellore, Udhagamandalam and Tuticorin.

Manickam said by that time the company was expecting its market share to go up to 35 per cent from the present 18 per cent.

"Gold is the safest investment. Despite heavy competition, a lot of potential is there in this business as the prices of gold will never depreciate," he said when asked about increasing trend of popular textile chains venturing into jewellery business.

He said the Chennai Silks established the Sree Kumaram Thangamaaligai, the first 916 hallmark jewellery showroom to offer custormers gold and silver jewels in numerous designs.