Senco to tap into north Indian market, aim for 25% revenue
Times of India | 14 September 2024
Kolkata: Jewellery brand Senco Gold & Diamonds is planning to make further inroads into the north India market. As of now, 18% of the company’s revenues come from north India and the company wants to make this 25%. Eastern India accounts for 65%-70% of the company’s revenue — around Rs 3,500 crore.
After the company’s 30th AGM on Friday — the first after Senco’s listing — MD Suvankar Sen said, “We want to make the revenue share of north India 25%.” He pointed out that the share of diamond jewellery is more in north India compared to eastern India.“The gross margin of diamond jewellery is 25%, higher than that of gold, which is 14%-15%,” Sen said.
Sen said that gold accounts for 80% of its revenues while it was 10%-12% for diamond. The rest come from platinum, silver, etc.
“We will implement our plan of pan-India expansion step-by-step. The competition is stronger in south India where customers are mostly gold buyers. Currently, around Rs 30 crore of our revenue is from e-commerce and we want to raise the sale of our products in this segment,” the MD said.
During the AGM, veteran shareholders like Manoj Gupta and Krishnendu Das interacted with company brass over various issues. In the past one year, three thefts have been reported at three different stores of the company at Ranaghat and Purulia. Sen said, “These three are franchise stores and around 60% of the stolen items have been recovered. The company-owned stores connected to the control room have better surveillance to thwart such burglaries.”