Rajesh Exports, which had recently introduced nine brands of diamond jewellery for both the domestic and international markets, has dissolved its JV with the US fashion accessories giant Fossil Inc. The joint venture was formalised in December 2006.
Confirming the news to Indiaretailing, a company official said, “The closure of the joint venture is a friendly affair as we want to develop our own retailing business through our Laabh and Shubh jewellery stores.”
However, the company will continue to stock and sale some of Fossil’s products in their Laabh and Shubh stores.
“The objective of the JV was to get Fossil’s products to be sold through our Shubh and Laabh stores, and also facilitate distribution of our products in international markets through Fossil. Since this is being met directly, we do not see the need of a JV anymore,” Rajesh Mehta, chairman, Rajesh Exports explained in a statement.
Meanwhile, the company is also looking to enhance its product portfolio as it had already introduced nine diamond jewellery brands for domestic and international markets.
“Our newly introduced brands include Harmony, I-teen, Ghazal, Eternal, Filigree, Aishwarya, Solitaire, Southern and Sushmita,” the official confirmed.
For the international market, the company is looking for direct retailers and has approached Zales and JC Penney, though nothing has yet been finalised.
– Satrajit Sen