Chennai: Vummidi Bangaru Jewellers (VBJ), a 125-year-old jewellery retailer, is embarking on an ambitious domestic and international expansion plan with an initial investment of Rs 500 crore. The company aims to achieve a revenue of Rs 5,000 crore by FY28, driven by retail expansion and sustained consumer interest in jewellery.
Revenue Targets and Growth Strategy
"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 of VBJ. The company announced a new 14,000 sq ft showroom in Chennai, marking the fifth-generation management's commitment to deepening its presence in Tamil Nadu and expanding into Telangana. New stores are planned in Coimbatore, Tiruchirappalli, and Hyderabad, along with additional 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 added.
International Expansion and Digital Gold
Internationally, VBJ plans to scale up in the United States, adding a new showroom in Milpitas, California, to strengthen 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.
Design Team Expansion and Heritage
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 high-net-worth individuals (HNIs).
