Home Retail Gitanjali Lifestyle acquires 70 pc stake in MobileNXT

    Gitanjali Lifestyle acquires 70 pc stake in MobileNXT

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    (GLL), a wholly owned subsidiary of , would acquire 70 per cent stake in Bengaluru-based mobile retail chain Teleservices Pvt Ltd. GLL has entered into an investment cum shareholders agreement with for this purpose, informed Gitanjali Gems in a filing to .

    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 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