INDIA BUSINESS WORLD - NOVEMBER 16th - NOVEMBER 30th
- 2007
GITANJALI BUYS ROGERS OF US FOR RS 80 CR
The Indian jewellery maker and retailer Gitanjali Gems has announced that it has bought out US-based jewellery chain Rogers for Rs 80 crore. The acquisition will give Gitanjali 46 retail stores, access to a large consumer base, and boost the company's plans to expand its retail presence in India and overseas. The company is planning further investment of $15-20 million for expanding its base in the US.
Close on the heels of acquisition, the company is planning a tie-up with the Italian watch and lifestyle major Morellato & Sector Group for floating a 50:50 joint venture company in India for manufacturing high-end watches and lifestyle jewellery products. The $520-million Italian firm will become first foreign watch maker to set up a manufacturing unit in India, Morellato group CEO Massimo Carraro said.
Gitanjali is planning more international tie-ups for a foray in Chinese jewellery market, which is growing 30% annually. "We are scouting for a logistics partner in China, who will have an equity stake in the joint venture," said Gitanjali Gems executive director GK Nair.
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