Gitanjali Group, a Rs 3,500 crore company, has taken an evaluated decision to venture into the business of retailing lifestyle products with an initial investment of Rs 150 crore. Gitanjali Lifestyle Ltd intends to open 200 lifestyle stores in metros and mini-metros across segments – lifestyle, fashion, jewellery, food and beverage, and health and beauty. The stores will be in three formats ranging from 5,000 square feet to 15,000 square feet, and will also be located at malls in upward of 80,000 square feet. These will be a combination of company-owned and franchise stores.
The first store in Mumbai will retail silverware from Greggio Argento. The second and third stores will open in Gurgaon and Jalandhar, respectively. In all, there will be eight stores by the end of next year. Among the brands that will be retailed are silverware from Olri, glass and silverware from Harmony, and watches from Morellato, Nina Ricci, and Moschino.
– Nivedita J Pawar, Mumbai Bureau