Jewellery retailer BlueStone plans to expand its network to 705 stores by 2030, aiming for a revenue target of ₹12,000 crore. The expansion strategy focuses on high-street locations due to a limited supply of quality mall space in India. The company also intends to double its workforce to 4,000 as it seeks to scale operations against major established competitors.
Jewellery retailer BlueStone has announced a major expansion strategy, aiming to reach 705 stores by the end of fiscal 2030. This plan represents a significant step up for the company, which reported revenue of ₹2,342 crore in fiscal 2026. To support this growth, the company also plans to increase its retail workforce to approximately 4,000 employees.
Focusing on High-Street Locations
A central part of BlueStone's strategy involves shifting its expansion focus toward high-street locations. While about 90% of the company's current stores are located in premium malls, management noted that the availability of Grade A mall space in India remains limited. Industry data suggests that India has roughly 110 million square feet of Grade A mall space, which is substantially lower than markets like China or the United States. By targeting high-street retail, BlueStone aims to overcome these infrastructure constraints and maintain its growth momentum.
Competitive Landscape and Market Trends
The jewellery retail sector in India remains highly competitive, with established players like Tanishq, owned by Titan Company, already operating over 500 stores. Other major players such as Kalyan Jewellers are also actively expanding their footprints. While fashion and luxury brands often prioritize malls for visibility, jewellery retailers have demonstrated that high-street locations can be equally effective in capturing consumer demand. BlueStone's move to prioritize high streets mirrors the strategies of other retailers like Wooden Street and Asics, who have also expressed concerns regarding the shortage of prime real estate in major urban centers.
Navigating Gold Price Volatility
Expansion plans in the gold jewellery sector face inherent risks tied to raw material price volatility. Rapid changes in gold prices can impact consumer demand and profit margins. Management has expressed a preference for stable gold prices, noting that a range-bound environment is most conducive to predictable business operations. Investors may monitor how the company balances its aggressive store opening schedule with the costs of setting up new locations and potential fluctuations in gold demand. The company's ability to maintain healthy operating margins while scaling its physical presence in new areas will be an important factor for long-term sustainability.