UAE: Indian jewellery brand to open 15 stores, raise Dh1 billion for expansion

Bhima Jewellers has a total of 60 outlets across India, while it currently has four in the UAE

A Staff Reporter

Published: Mon 21 Oct 2024, 5:36 PM

Last updated: Mon 21 Oct 2024, 6:20 PM

Bhima Jewellers, one of the oldest and family-run Indian jewellers, will raise Dh1 billion from high net worth individuals (HNWIs) and foreign institutional investors (FIIs) in the GCC and globally to fund its expansion plan across the Gulf region.

Dr B Govindan, chairman of Bhima Jewellers, said the firm will use the funds to open 15 stores in the UAE in the next three years. He said the firm plans to expand to other countries in the GCC, starting with Qatar and Bahrain.

This is the first time Bhima has ventured out to seek funds externally. According to spokespersons, the group’s brand and corporate governance standards have evolved and matured over the years to manage and ensure growth and RoI for its investors.

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Dr Govindan said Bhima has a legacy of 100 years, and the company is now seeking to partner with investors who share the same trust and belief in the brand’s integrity and financial discipline.

Bhima Jewellers was founded in 1925 in Alappuzha, in the south Indian state of Kerala, and has a strong presence in India and the UAE. It opened its new 6,000sqft head office in Dubai on Monday as part of its expansion plans in the GCC.

“With the leadership team equipped with deep insights into customer expectation, we are well positioned to take our brand to new markets in GCC,” said B. Bindhu Madhav, managing director of the Bhima Jewellers. He added that there are no plans for an IPO at this point and the management is looking at various options such as offering equity investments or bonds to raise the funds.

Bhima Group spokespersons said they are in talks with a number of investors and institutions and the response to its investment proposition has been significantly encouraging.

Bhima has a total of 60 outlets across India, while it currently has four in the UAE.

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