Gitanjali Gems has acquired the retail business of Mumbai-based jewellery company Renaissance Jewellery, by buying a major stake of 60 per cent.
Confirming the news to Indiaretailing, a company spokesperson from Renaissance Jewellery said, “We have sold our major shares as the company wants to focus on the exports market.”
As per the deal, Gitanjali will now retail its own brands in the Lucera outlets owned by Renaissance Retail Venture. The latter currently has nine flagship Lucera stores and 32 shop-in-shops. It is also planning to invest Rs 35 crore for setting up 250 outlets till 2010, primarily in shopping malls.
Recently, Gitanjali Gems also acquired Trinity Watch Company through its subsidiary Gitanjali Lifestyle. Trinity Watch is engaged in the business of sale of watches under its registered premium brand Iris.
– Satrajit Sen