Gitanjali Acquires Two Indian Jewelry Brands
December 14, 12
 Gitanjali Chairman Mehul Choksi |
Each of the brands has a well established presence in modern retail formats across the country. Gitanjali says they will complement its existing portfolio of brands and enhance its retail presence.
Nirvana is a 15-year-old diamond jewelry brand that targets working women in the 20-to -40 age bracket in large and medium cities. It is sold through 106 shop-in-shops across the country. However 70 percent of its revenue comes from the western and southern markets. The brand also owns one stand alone store. Price points range from $460 (Rs.25,000) to $552 (Rs.30,000).
Viola, which is relatively a younger brand, is present in 60 shop-in-shops mainly in the north and west. The brand offers electro-formed jewelry set with colored gemstones.
Gitanjali Chairman Mehul Choksi said the acquisitions would help the group’s market penetration. He added that Gitanjali intended to turn both brands into retail chains with their own stores.