Industry:
- Gold prices surged globally due to geopolitical tensions, increased central bank purchases, and high Fed rates.
- Domestic gold prices hit all-time high, impacting unorganized jewelers but benefiting listed ones.
- Squeezed working capital due to higher margins for Gold Hedging and Gold Metal Loan (GML).
- Optimistic outlook for FY 24-25, boosted by local new years and the upcoming marriage season.
Showroom Expansion:
- 23 new showrooms launched, marking a 17% growth.
- 4 showrooms opened in Q4.
- Focus on East and North markets with strategic SENNEs stores in Kolkata.
Business Performance:
- Achieved 28% YoY revenue growth for full year, 39% YoY growth in Q4.
- Despite rising gold prices, achieved 13% YoY gold volume growth and 19% YoY diamond volume growth.
- Percentage of sales from old gold exchange increased from 29% to 32% YoY, with 65% from non-Senco customers, indicating a shift to organised markets.
- SSSG contributed significantly to retail sales growth, with a 23% contribution in Q4.
- Improved stud ratio to 11.4%, with own showrooms achieving 13.1%.
- Introduced key offers to enhance footfall and sales.
- Retained 2nd Most Trusted Jewellery Brand title and debuted on Deloitte’s luxury goods rankings.
- Became the 1st Indian jewellery brand to join ONDC, supporting ‘Make in India’ initiative
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