Gitanjali buys Lucera, eyes Hoop and Trinity
Gitanjali Lifestyle has its eyes firmly set on Lucera jewellery brand from Renaissance Jewellery for Rs 25 crore, reports Radhika Pancholi.business Updated: Mar 10, 2008 23:04 IST
First it was diamonds, with the acquisition of DTC’s Nakshatra and Asmi brands. Then, gold was the flavour as Gitanjali Lifestyle went on to acquire the D’damas brand. Now, the luxury and lifestyle retail firm has its eyes firmly set on silver. With one brand for silverware, Greggio, which is a part of its Giantti lifestyle boutique, already under its umbrella, Gitanjali has now acquired the Lucera jewellery brand from Renaissance Jewellery for Rs 25 crore. The company is already carrying out negotiations for the brands Hoop and Trinity watches to include in its line of silver jewellery and lifestyle accessories.
“Today, the three brands together are present at 65 locations with a turnover of Rs 10 crore. We plan to grow this to 250 locations with a turnover of Rs 75 crore in a year’s time once the three brands come under the Gitanjali Lifestyle umbrella,” Gilles Moutounet, Vice-President, International Business, Gitanjali Lifestyle Ltd said while announcing the acquisitions. He added that the company has acquired Trinity watches but declined to comment on the price paid for the same.
Gitanjali Lifestyle plans to pump in Rs 25 crore into the business over the next two years as it strengthens its presence in the Rs 182 crore ($45 million) luxury segment. “We have two lifestyle malls coming up in Hyderabad and Kolkata which will house all of our brands along with other luxury brands under one roof. Apart from this, we are also foraying into the health and beauty segment with our signature salons that would be coming up in the next two months,” Sadanand Pawar, President, Gitanjali Lifestyle Ltd said.
Apart from strengthening its retail presence in the luxury segment through Gitanjali Lifestyle, the parent company, Gitanjali Gems Ltd has now made a foray into providing gold loans and safe deposit vaults. The company informed BSE that it has incorporated a wholly owned subsidiary Mohar Jewels Ltd for this business.