Spread across 14,000 square feet, each floor is dedicated to different jewellery categories such as gold, diamond’s solitaire, platinum collections and a dedicated luxury segment with private viewing lounges.
VBJ (Brand Vummidi) identifies itself as manufacturing jewellers.
“While the space reflects global design sensibilities, it remains deeply rooted in South Indian culture through our collection,” Amarendran Vummidi, Managing Partner, VBJ, said.
With three stores already in Chennai, VBJ has drawn up a big expansion plan. It is planning to unveil retail stores in locations such as Coimbatore, Trichy and Hyderabad and also in key centres in Chennai such as T. Nagar and Chrompet.
The expansion will be driven by an internal investment of Rs. 500 crore
VBJ is also expanding its global footprint. It is planning to open a new store in California, beefing up its presence in the United States so as to satiate the aspiration of the big Indian diaspora for gold jewellery.
Jithendra Vummidi , Managing Partner, VBJ, said, “The newly-opened store’s environment is designed to support every kind of buying journey and carries the spirit of Chennai – grounded in trust, familiar in its essence and rooted in culture, even while ushering in a modern retail approach.”
Vummidi Bangaru Jewellers, according to Amarendran Vummidi, is targeting to scale Rs 5,000 crore revenue in the next 18 months from its current annual revenue of Rs 2,400 crore.
Out of the Rs 2,400 crore revenue, the current mix includes 65 per cent gold, 30 per cent diamond and 5 per cent platinum. Diamond is expected to grow at 40-45 per cent eventually, he said.
Amarendran Vummidi said eventually VBJ would reach Rs 10,000 crore revenue and look for an initial public offering if milestones were reached.
As a part of its future plan and to cater young audiences, VBJ was also planning to introduce digi gold. he said.
As a fifth-generation family-run brand, VBJ became a national talking point, after the installation of Sengol (sceptre) near the Speaker’s seat in the new Parliament. Vummidis were traced to be the makers of Sengol that the Adeenams in Tamil Nadu had gifted to Pandit Nehru to symbolise the transfer of power from the British. VBJ is also known for crafting a tribute to the Shree Ramcharitmanas, a masterpiece comprising 524 gold-plated pages using 5 kgs of gold.
Vummudi Bangaru Jewellers (VBJ) was founded way back in 1900. The business has already seen four generations in the family. The fifth one, too, has gotten into it.