Gitanjali Gems acquires Rogers Inc for Rs 80 cr
Jewellery maker and retailer Gitanjali Gems has acquired US specialty retailer Rogers Inc for Rs 80 crore, reports Indulal PM.business Updated: Nov 19, 2007 22:54 IST
Jewellery maker and retailer Gitanjali Gems has acquired US specialty retailer Rogers Inc for Rs 80 crore.
“This is an attempt to enter the organised jewellery market in the US and would increase our value proposition. While we consolidate our operations in India we are planning to make inroads into the US market where there is a huge opportunity in the consumer market,” said GK Nair, executive director, Gitanjali Gems.
The acquisition will result in a 15 per cent increase in our top line year-on-year, he added.
Founded in 1920, Rogers is a privately held family-controlled company.
The acquisition will be funded through internal accruals, and Gitanjali plans to keep the management and brand equity of Rogers independent.
The US jewellery market controls over 35 per cent of the global jewellery market. Rogers operates 46 retail stores under the brand names ‘Rogers Jewelers’ and ‘Andrews Jewelers’ in the US with revenues of $80 million (approximately Rs 400 crore).
The acquisition will give Gitanjali access to a large consumer base, and boost its plans to expand its retail presence in India and overseas.
Gitanjali, which owns jewellery brands such as Gili, Nakshatra and Asmi in India, bought a 97 per cent stake in another US chain, Samuels Jewelers Inc, in December last year. Samuels had 97 stores at the time of acquisition.