|
Wednesday, 16 March 2011 |
Gitanjali Gems, primarily known as a jewelry manufacturer and retailer, planning to enter
the branded apparel segment. Within six months, the group aims to introduce apparel brands in women’s wear, men’s wear and children’s wear. In women’s wear, the firm will introduce ethnic wear and western wear whereas in the men’s wear segment, it will launch polo shirts. The brand is targeting consumers from socio-economic class A and B. The company last year launched seven multi-brand outlets under the name Maya. Each of the outlets is spread on an approximate area of 20,000 sq ft. There are plans to open more Maya stores in Cuttack, Agra and Ranchi in the next two months. The main focus is to introduce private labels for Maya and later take the labels to large formats, multi brand outlets and also franchisees.
The target is Rs 10 billion in sales revenue from Maya outlets over the next three to five years. Founded as a single company cutting and polishing diamonds for the jewelry trade at Surat, the Gitanjali group is a pioneer among major diamond and jewelry houses. The business model integrates all operations, from rough diamond sourcing, cutting, polishing and distribution, and jewelry manufacture to jewelry branding and retail, as well as global lifestyle brands, in India and abroad. |
