Pure Gold invests $137m to boost retail presence

Published: Jun 23, 2015 19:06

Save

Pure Gold Group- the Dubai, UAE-based jewelry retailer has announced big expansions plans to its gold business.

By Paul Ploumis 23 Jun 2015 Last updated at 07:40:53 GMT

NEW DELHI (Scrap Monster): Pure Gold Group- the Dubai, UAE-based jewelry retailer has announced big expansions plans to its gold business.

The company announced that it targets to invest nearly AED 500 million ($136 million) so as to raise its retail stores network to 250 by 2020. According to Pure Gold, AED 400 million will be invested in new Pure Gold stores and the balance AED 100 million in increasing the number of La Moda sunglass stores. The retail store presence will be increased from the current 15 to 50 by 2020. The investment is expected to create nearly 2,000 job opportunities, thereby bringing the total number of staff to 5,500 by 2020.

Additionally, the company will also enter into hospitality sector within the next few years. Pure Gold plans to open four-star and five-star hotels at least two years before the 2020 Dubai Expo, which is expected to attract tourists from all over the world.

Earlier in February this year, the company had announced massive expansion plans to its India business. The company had committed $150 million investment in the country, which is expected to get completed by 2017. According to Firoz Merchant, Chairman, Pure Gold Group, the infusion of funds is aimed to lift its retail, manufacturing and hospitality operations in the country.

Pure Gold Jewellers is one of the fastest growing jewellery brands with 125 stores in ten countries. They have been consistently ranked as a Superbrand by UAE Superbrand Council for five consecutive years since 2009. By combining the latest design, extensive retail experience, and a range of innovative concepts, today, Pure Gold Jewellers has become a leading jeweller in Middle East and Asia.

gold price jeweller import gold demand Pure Gold Firoz Merchant retail store investment

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

15 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

15 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

15 hours ago