Leading jewellery maker Gitanjali Gems on Monday said that it has acquired US-based retail jewellery chain Rogers Ltd. The company has acquired 100 per cent stake in the $80-million speciality retailer, which operates 48 stores across the US, for an undisclosed amount.
"It (the acquisition) will offer a range of synergies to Gitanjali's existing operations. Gitanjali will now have access to a larger US consumer base leveraging Rogers' existing retail infrastructure. It will also give Gitanjali better control over the entire value chain in jewellery business," a company release said.
The acquisition of Rogers in the organised jewellery retail market in the US is a landmark step for the Indian jewellery industry and a significant step towards moving up the industry value chain, it said.
Gitanjali, which the company says launched the first branded jewellery in India called Gili, has acquired several overseas jewellery retailers over the years.
It said the latest acquisition would boost the company's plans to expand its retail presence in the country and overseas.