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Friday, 17 September 2010 |
Gitanjali Gems, the country’s largest integrated diamond and jewelry manufacturer and retailer,
plans to acquire a leading Italian jewelry house by the end of next month. There is speculation that the Italian company is the DIT group, known for its three celebrated jewelry brands, Io Si, Porrati and Nouvelle Bague. Gitanjali plans to introduce each brand as a separate entity, with a minimum of 50 retail stores in India in a couple of years.
Acquisition of the jewelry house, which has a presence across Europe and the Arabian markets, will help Gitanjali penetrate global markets and introduce new jewelry designs with lightweight, especially in the European and Middle East markets. Gitanjali expects this segment to add about 10 to 15 per cent to its revenue in the next two or three years. In spite of the regulation that SEZs or companies with SEZ units have to pay a minimum alternate tax, Gitanjali is developing two SEZ at the moment.
DIT, highly regarded for its wealth of knowledge in the contemporary luxury sector, has over 600 stockists across 30 countries. Gitanjali Gems had earlier acquired Samuels Jewelers and Rogers, both US-based, in 2007. The group is manufacturer and retailer of India’s leading jewelry brands like Nakshatra, Gili, D’Damas, Asmi, Gitanjali, Sangini, Gianti -- store etc. |
