In line with its policy of strategic acquisitions and further expansion in retail operations, jewellery major Gitanjali Gems has acquired US-based speciality retailer Rogers Ltd for Rs 80 crore ($20 million). Gitanjali has bought 100 per cent stake in the retailer, currently operating 46 stores in the United States and with revenue of 80 million dollars.
“Gitanjali would not only have access to a large US consumer base, but leveraging Rogers’ existing retail infrastructure would give Gitanjali a better control over the entire value chain in the jewellery business,” the company informed the Bombay Stock Exchange.
The acquisition will also boost the company’s plans to expand its retail presence in the country and overseas. Rogers operates under brand names ‘Rogers Jewelers’ and ‘Andrews Jewelers’.
Gitanjali Group is also entering into a joint venture with Italian watch company, Morellato & Sector S.p.a. The event is slated to take place on November 20 in Mumbai. The launch of over 10 international watch and jewellery brands is expected during the formal announcement of the partnership.
Cracking a deal worth 60 million euros, in September Morellato & Sector purchased D.I.P. (Diffusione Italiana Preziosi Spa), operator of Bluespirit, the largest European store chain in the jewellery and watch sectors, and also a brand of watches and jewellery.
Brands in Morellato & Sector’ portfolio include Sector, Philip Watch, and Roberto Cavalli.
Last year, Gitanjali Gems acquired a 97 per cent in Samuels Jewelers Inc., a chain of jewellery stores in the United States, and had also bought a 100 per cent stake in Mumbai-based jewellery retailer Desire Lifestyle Pvt. Ltd.
Gitanjali Gems owns a number of jewellery brands including Gitanjali Exclusive, Gitanjali Signature, Giantti, D’damas, Asmi, Nakshatra, Sangini and Desire.