Bhima Jewellers to open 15 new stores in the UAE and raise Dh1 billion for expansion across GCC

The brand has laid out elaborate expansion plans for the next three years and will also enter Qatar and Bahrain. It currently operates four outlets in the UAE

Mumbai: Bhima Jewellers, one of India’s oldest family-run jewellery brands, is set to raise Dh1 billion from high-net-worth individuals (HNIs) and foreign institutional investors (FIIs) to fund its expansion across the Gulf region. Currently operating four outlets in the UAE and a total of 60 in India, the company plans to open 15 new stores in the UAE over the next three years and expand into other GCC countries, starting with Qatar and Bahrain.

Dr. B Govindan, chairman of Bhima Jewellers, emphasized that this marks the first time the brand has sought external funding. He noted that the company’s evolution in brand and corporate governance has positioned it to ensure growth and return on investment for its partners.

With a legacy spanning 100 years, Bhima is eager to collaborate with investors who share their commitment to integrity and financial discipline. Founded in 1925 in Alappuzha, Kerala, the brand recently inaugurated a new 6,000 square foot head office in Dubai as part of its GCC expansion plans.

B. Bindhu Madhav, Managing Director of Bhima Jewellers, stated that the leadership team possesses valuable insights into customer expectations, positioning the brand well for new markets in the GCC. He confirmed that there are currently no plans for an initial public offering (IPO), as the management explores options such as equity investments or bonds to raise capital.

Company spokespersons reported that discussions with various investors and institutions have yielded encouraging responses to their investment proposals.  

BHIMA JEWELLERS OPENS NEW OFFICE IN DUBAI 

Bhima Jewellers recently opened its new office at the Gold Souq in Deira, Dubai. Tawhid Abdullah, CEO, Jawara Jewellery, and Chairman DGJC was the Chief Guest.
The opulent space is destined to boost the brand’s ambition in the region. Samit Bhatta, Publisher, Retail Jeweller India, was invited to experience the new space firsthand.

The veteran professional deems the corporate office to be a propelling factor in the brand’s future ventures.

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