Tuesday, May 15, 2012: 08:59:33 PM

NATIONAL News

Gitanjali Eyes Expansion of Retail Jewellery Business

Gitanjali Gems, a Mumbai-based jewellery retail brand, is set to expand its retail jewellery business. The retail and branded business for Gitanjali Gems now accounts for 30 percent of its retail, and is expected to grow upto 50–60 percent in the next two years.



Gitanjali Gems added 66 new stores, 150 shop-in-shops and nearly 200 retailers for FY ending in 2011. For the December quarter, the organisation reported sales of `3,536 cr. and net profits worth `129 cr. The company has allocated an annual expenditure of `25–30 cr. for its future endeavours. Gitanjali Gems also confirmed that a dozen of its brands are going national, and it will set up 50 outlets for each brand. As a part of the restructuring strategy designed by the organisation, the business is divided into three sections primarily—one for jewellery manufacturing in India, the second for branded jewellery and retailing, and the third for international manufacturing, branding and retail.

Gitanjali Gems has also acquired Leading Jewels of Japan for $18 mn, with a view to spread its business to Japan and the Asia-Pacific region.


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