Leading retailer and manufacturer of sarees and fabrics,Nalli,today forayed into the gold jewellery business,targeting an annual combined revenue of Rs 1000 crore. The first showroom of Nalli Jewellers in the city was formally inaugurated by state Assembly Speaker D Jayakumar. Currently,the silk and other fabric business generate revenues of over Rs 500 crore annually for the group,an official of the company said. "For the past 84 years,our sarees have helped create heirlooms and cultivate trust. And now,we continue that tradition in gold",Nalli Group Vice-Chairman Ramnath K Nalli said. "Basically,Nalli has been known for its wedding silks,where silk and gold go into it. This time we are entering into the gold business". On their expansion plans in the jewellery business,he said the chain would prefer setting up jewellery showrooms,along with their silk businesses."Right now,there are about 24 Nalli shops across the globe.",he said. "We will first look to stabilising the business for six months to one year,before looking for expansion",he said,adding the plan is to add three more jewellery showrooms in Chennai. To a query on gold manufacturing,he said: "Currently the plan is to outsource. There is also an idea to utilise our existing property at Hosur",he said.
