Gitanjali Acquires U.S. Retailer Rogers for $18.5M

The Gitanjali Group has acquired U.S. based jewelry retailer, Rogers Inc, which operates 46 stores throughout the country under the brand names Rogers Jewelers and Andrews Jewelers, for $18.5 million in an all cash deal.

Rogers was founded in 1920 and has been a privately held, family owned company. Headquartered in Middletown, Ohio, the retailer is a mall based jeweler catering to customers in the middle to middle upper income segments.

Gitanjali executives said that Rogers has current revenues of $80 million, with operating margins of 4-5 percent.

This acquisition will enable Gitanjali to leverage Rogers' existing retail infrastructure and access U.S. consumers, the company added in a release.

Speaking to the media, Mehul Choksi, Chairman of Gitanjali Gems, said that the company will invest a further $20 million in the chain over the next 18 months.

Last year Gitanjali acquired a 97 percent stake in Samuels, and earlier in 2007 it acquired a 70 percent stake in Tri Star Worldwide.