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Rosy Blue, Kashikey-backed QWEEN targets Rs 100 crore revenue this fiscal as Delhi and Bengaluru stores follow Noida
QWEEN targets Rs 100 crore revenue this fiscal year after a Rs 1,000 crore round led by Rosy Blue and Kashikey. It has opened a Noida store and plans Delhi next week and Bengaluru within a month, focusing on tier I and II cities.
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What we verified
Checked against the other reports of this story.
- Revenue target this fiscal year: Rs 100 crore — ET Retail and Indian Retailer agree.
- Investment round secured: Rs 1,000 crore — ET Retail and Indian Retailer agree.
What it means for the format
With Rosy Blue and Kashikey behind it and a tier I and II rollout underway, QWEEN is a credible partner or watchlist name, but its Noida, Delhi and Bengaluru stores need to show the claimed six-to-eight-month payback before its unit economics can be treated as proven.
Next on the rollout
- Delhi store opening on schedule next week
- Bengaluru launch within the month
- Any disclosed offline AOV versus the Rs 1.35 lakh figure
- Early read on whether stores are tracking to the six-to-eight-month break-even
- Announcement of a fourth store or new cities, or a revision to the Rs 100 crore target
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- QWEEN is likely to open the Delhi store on its stated timeline and use the launch to publicise early sales and AOV.
- Expect QWEEN to open Bengaluru within about a month, keeping the focus on tier I and II cities.
- Rosy Blue and Kashikey may back further store openings if the first three stores show break-even tracking within six to eight months.
- QWEEN is likely to steer online shoppers toward its stores, since offline AOV of Rs 1.35 lakh is far above the Rs 45,000-50,000 online.
- Established jewellery and lab-grown rivals in Delhi and Bengaluru may respond with promotions or their own large-format stores.
Updates
Each later report on this story, newest first. Earlier entries are never edited; a correction is a new entry.
QWEEN targets Rs 100 crore revenue this fiscal year, opens Noida store and plans Delhi and Bengaluru outlets
- Gemstone varieties: over 50
Store and format facts
Figures from ET Retail,
| Offline average order value: | Rs 1.35 lakh |
|---|---|
| Online average order value: | Rs 45,000-50,000 |
| Stores planned in near term: | 3 |
| Store break-even period: | six to eight months |
| Store size: | upwards of 6,000 sq ft |
| Stock-keeping units offered: | more than 3,000 |