Jewellery retailer doubles down on omnichannel expansion, men’s jewellery, and customer retention as India’s organised jewellery market continues to evolve.
BlueStone is accelerating its next phase of growth with an ambitious roadmap to expand its retail footprint to more than 700 stores and achieve ₹12,000 crore in revenue by FY30, reflecting growing confidence in India’s evolving jewellery market and increasing consumer demand for modern, design-led jewellery.
The company delivered a strong Q1 FY26, reporting 49 percent revenue growth and 39 percent same-store sales growth, providing momentum for its aggressive expansion strategy.
Currently operating around 350 stores across 139 cities, BlueStone plans to add nearly 70 stores in FY27, followed by approximately 80 stores in FY28 and 90 stores thereafter, translating into roughly 20 percent annual distribution growth.
The retailer’s network is evenly split between metro and Tier I cities and emerging Tier II and III markets, with expansion planned across both geographies. According to the company, repeat customers already contribute to sales in the high-50 percent range, highlighting strong customer loyalty and retention.
BlueStone is also strengthening its omnichannel strategy, with digital discovery playing a significant role in offline conversions. Around 70–80 percent of customers visiting BlueStone stores have browsed the brand’s website multiple times before entering a store. Consumers can explore collections online, locate nearby stores and verify inventory before making a purchase, creating a seamless online-to-offline shopping journey.
The retailer believes its focus on contemporary designs and accessible pricing continues to drive customer acquisition. Entry-level products begin at around ₹10,000, while the core acquisition range lies between ₹20,000 and ₹50,000. As customers mature within the brand, purchases often expand into the ₹4–6 lakh range, with the current average ticket size standing at approximately ₹65,000–70,000.
Another major growth opportunity is men’s jewellery, a segment BlueStone believes remains underserved by organised retailers despite accounting for more than 20 percent of the overall jewellery market. The company currently operates five dedicated men’s and kids’ stores, plans to add five more in the coming months, and will evaluate customer response before scaling the standalone format further across premium malls.
Despite its rapid expansion, BlueStone estimates it currently holds less than 1 percent of India’s approximately $100 billion jewellery market, leaving substantial room for long-term growth. The company also expects operating margins to improve from 7.5 percent to around 15 percent by FY30, driven by operating leverage as its store network expands.
Source: Based on reporting by ET Retail, with additional editorial adaptation and analysis.
