Gitanjali Lifestyle Ltd, the wholly owned subsidiary of Gitanjali Gems, has acquired B Vijay Retail Ventures Pvt. Ltd, which owns the ‘HooP’ brand in India and retails diamond, gold, and silver jewellery.
With this move, Gitanjali will now retail its brands of jewellery, watch and other lifestyle products through HooP.
In the last one year, the company has entered into several tie-ups and joint ventures with overseas companies to market their products. It has also acquired a number of jewellery and watch brands within India and plans more acquisitions in the future. GK Nair, executive director, Gitanjali, said that the firm is in a position to leverage its balance sheet for possible acquisitions.
According to sources, the company is also planning to buy retail chain Whitehall Jewelers at a price of around Rs 40 million.