Gitanjali shines with Nakshatra
Gitanjali Group, the 3500-crore integrated diamond and jewellery manufacturer and retailer announces taking over Nakshatra, reports Dev Raju.business Updated: Jan 08, 2008 22:56 IST
Gitanjali Group, the 3500-crore integrated diamond and jewellery manufacturer and retailer on Tuesday announced taking over Nakshatra, the diamond jewellery brand and unveiled ambitious plans for the brand.
Elaborating on plans, Anuj Rakyan, Vice President, Commercial of Gitanjali Group said that the company has invested more than Rs 100 crore in Nakshatra and plans to invest another Rs 100 crore. It plans to open around 200 retail stores across the world in a couple of years.
Plans are also afoot to take the brand overseas to the Middle East, United Kingdom, Singapore and South Africa. "The revenue for 2006-07 is Rs 150 crore. We expect the company to gross Rs 1,000 crore within years," he said.
Rakyan said the company has invested Rs 100 crore in Nakshatra over a period of five years and will now control 100 per cent stake in the company. "There have been no contestants to the takeover. The Nakshatra brand has been transferred to Gitanjali," said Anuj.
Explaining the takeover binge by Gitanjali, which has also acquired Asmi from DTC, Paresh Das, Vice President, Sales, Gitanjali Lifestyle said that Gitanjali is increasing its presence by these acquisitions. "Building brands take a long gestation period. A lot goes into making a brand successful, to develop the brand value. By acquiring these brands we are increasing our spread."
The Nakshatra jewellery, which will be available across the nation in more than 450 stores and more than 200 retail outlets, will range between Rs 15,000 to Rs 25 lakh said Paresh.