Gitanjali Invests in Retail Outlets Expansion

Indian branded jewelry company Gitanjali Gems Ltd is launching an aggressive marketing strategy including investing more than $8 million in setting up exclusive diamond and branded jewelry outlets in India and other countries.

“The group is planning to invest Rs 100 crore ($2.3 million) in the next three years for establishing diamond and branded jewelry outlets abroad," said Mehul Choksi, chairman and chief executive officer, Gitanjali group. "We will also pump in Rs 250 crore by 2007 for exclusive shops in India,” he added.

Gitanjali would be setting up brand kiosks, brand zones, mall shops and outlets in the U.K., U.S. and China, Choksi said.

The company already has a presence in Japan and West Asia, he said. “We have lined up several joint venture partners for setting up outlets in China. We will be adopting the same strategy in the U.K. and U.S.,” he said.

Choksi said the firm would enlarge its network of outlets substantially from the current 1,000 and, to that end, it plans to open five exclusive outlets and 30 shops by the middle of next year as part of its international marketing strategy.