Its 59th store of the company; upgrades existing Kalamandir store to Kancheepuram Varamahalakshmi Silks
Hyderabad, March 05, 2024: In a move to strengthen its presence, ethnic apparel retailer Sai Silks Kalamandir Ltd (SSKL) has launched its 59th store under Kancheepuram Varamahalakshmi Silks format in Khammam at Bypass Road and has also elevated its existing Kalamandir store at Kasba Bazaar to Kancheepuram Varamahalakshmi Silks format.
The store is opened by Shri Tridandi Ahobila Ramanjuna Jeeyar Swami, his holiness was initiated and given deeksha by his holiness Sri Ramanuja Chinna Jeeyar Swamy. This store is 26th store in Telangana. The store offers premium ethnic sarees & handlooms for wedding & occasion wear. The product portfolio comprises premium sarees such as Banarasi, Patola, Kota, Paithani, Organza, Kuppadam, and Kancheepuram silk sarees.
With a strong presence in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, the company offers a diverse range of products including ultra-premium and premium sarees, lehengas, and men and children’s ethnic wear.
Prasad Chalavadi, Managing Director, Sai Silks Kalamandir Ltd said, “We take immense pride in announcing the expansion of our retail footprint in the region. With a flourishing landscape that has already embraced our presence with open arms, Telangana proudly houses our maximum number of stores. Through a meticulously planned retail expansion strategy, we are committed to delivering much needed growth by expanding our presence in ever growing ethnic wear market in Telangana.”
“In the fiscal year of 2023, we found that Telangana was the top earner for us, contributing a big 44.90% to our total revenue. As we embark on the journey of opening yet another chapter in Telangana, we are poised to continue our triumphant trajectory, resonating with the spirit of growth and prosperity that defines our partnership with this vibrant region,” added Prasad Chalavadi.
SSKL plans to focus on the South Indian market as it is the largest saree market of India contributing 50% of saree sales in the country.
About SSKL:
SSKL operates through four different format stores, namely Kalamandir, Mandir, Varamahalakshmi Silks, and KLM Fashion Mall, as well as through e-commerce channels that include their own websites and other online e-commerce marketplaces.
The diverse range of products offered includes (i) various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; (ii) lehengas; (iii) men’s ethnic wear; (iv) children’s ethnic wear and (v) value fashion products comprising fusion wear and western wear for women, men, and children.
The company has declared Rs. 1351 crore in sales and PAT of Rs. 97.60 crore in FY23 and per sft realisation is Rs. 22,397. SSKL is the first large saree retailer to tap the markets to raise funds through an IPO and it has grown from a single store in 2005 to 59 stores with a total floor area of more than 6 lakh square feet.
