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Mumbai, Mar 10: Following the acquisition of premium jewellery brand Nakshatra, the Rs 3,500 crore Gitanjali Group has acquired Renaissance Retail Venture Private Ltd (RRVPL) through its wholly-owned subsidiary Gitanjali Lifestyle Ltd. As part of the strategy, Gitanjali Group has acquired the retail business of Lucera premium silver jewellery brand for Rs 25 crore. Lucera is one of the premium brands owned by RRVPL.
While addressing a press conference here, Sadanand Pawar, president, Gitanjali Gems Ltd said, “We plan to broaden Lucera brand portfolio from jewellery to include designer watches, belts and bags. Gitanjali aims to position Lucera as a jewellery and lifestyle brand worldwide and report sales of Rs 60 crore over the next one year. We aim to consolidate Lucera’s position as a premium jewellery and lifestyle brand and plan to open five stores in Aurangabad, Nagpur, Pune, Rajkot and Kanpur. For premium silver jewellery, we will set up 52 stores in 27 cities in the near future.”
Apart from this, Gitanjali Gems Ltd has also acquired Trinity Watch Company Private Ltd through its wholly-owned subsidiary Gitanjali Lifestyle Ltd. Trinity Watch Company Pvt Ltd is engaged in the business of sale of watches under its registered premium brand ‘Iris’.
The company also distributes various international watch brands under license from various principals. Gitanjali Group is planning to strongly focus at the lifestyle segment by launching new brands in jewellery, fashion apparel and watch brands segments. Its subsidiary, Gitanjali Lifestyle Ltd, is planning to make an initial investment of Rs 150 crore. According to Pawar, “The company plans to set up 200 lifestyle stores in metroes and mini-metros across lifestyle, fashion, jewellery, food and beverage and health and beauty (including spas). The stores will be in three formats ranging from 5,000 sq ft to 15,000 sq ft and through malls with an area size of over 80,000 sq ft, a combination of company-owned and franchise stores. Gitanjali Gems Ltd has also forayed into the business of providing gold loans, safe deposits vaults through incorporation of its wholly owned subsidiary, Mohar Jewels Ltd.
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