Gitanjali Lifestyle Ltd (GLL), a wholly owned subsidiary of Gitanjali Gems, would acquire 70 per cent stake in Bengaluru-based mobile retail chain MobileNXT Teleservices Pvt Ltd. GLL has entered into an investment cum shareholders agreement with MobileNXT for this purpose, informed Gitanjali Gems in a filing to Bombay Stock Exchange.
With this development, the existing MobileNXT stores will be rechristened as ‘Hoop’ stores. Further, in addition to selling mobile phones, accessories and offering value added services to its customers, the Hoop stores will retail personal fashion accessory comprising a wide range of fashion jewellery, watches and eyewear products. Hoop targets both male and female and the products will cater to young and adult customers, informed the company.
Currently, MobileNXT operates 21 stores across tier I and II cities in southern India.
— IndiaRetailing Bureau