Kalyan Jewellers

Kalyan Jewellers plans to open 84 stores in India in FY27, and each proposed Kalyan outlet will use the franchisee-owned, company-operated, or FOCO, structure. The company had 365 domestic Kalyan showrooms on 30 September 2026, including 246 in this format.

paragraphs

In a FOCO store, the franchise partner pays for inventory and, outside south India, store fit-out investment. The partner also covers store expenses other than salaries, while Kalyan runs the outlet and remains responsible for compliance, oversight and brand standards.

Franchise-operated stores accounted for about 59% of India revenue in Q2FY27. Kalyan's India network rose from 147 stores, of which 15 were FOCO, in FY23 to 342 stores with 222 FOCO outlets in FY26.

The company also intends to add six Kalyan outlets internationally through a combination of FOCO and company-owned, company-operated structures. Separately, Candere is planned to open 50 stores using both models during FY27.

The domestic rollout is intended to lift the share of sales generated outside south India, where Kalyan expects most additional locations. Non-south India revenue climbed 31% to Rs 4,818.2 crore in Q2FY27, against 23% growth to Rs 3,882.5 crore in south India.

Non-south markets supplied about 55% of India revenue in the quarter. By having franchisees carry inventory, much of the investment and most store costs, Kalyan describes FOCO as a less capital-intensive way to expand and improve returns on capital.

Kalyan will be monitored on progress towards its 84 planned Indian FOCO outlets, alongside the Candere and overseas additions. It is also considering moving selected existing company-owned outlets into the FOCO model.

Its presentation gives a FY27 network target of 426 Kalyan India stores and 306 FOCO stores, versus 365 and 246 on 30 September 2026. That implies additions of 61 stores and 60 FOCO outlets, but the company did not clarify why those figures differ from the stated 84 planned India openings.