Gitanjali Acquires US Jewellery Retailer

Mumbai: Gitanjali Gems Ltd has bought US-based jewellery retail chain Rogers for $20 million. The acquisition will be funded via internal accruals and another $20 million will be pumped in the next 12-18 months to double the total number of outlets in US to 300. A robust retail network is the lifeline to connect with the end consumer, completing the whole supply chain. Apart from moving high-cost jobs, Gitanjali mulls to source raw material for the US operation from India. Last December, the company acquired US-based Rs 450-crore jewellery chain Samuels. Samuels has 100 stores in the US, with sales of Rs 500 crore, and a back-end capacity for 150 new stores. Gitanjali owns jewellery brands such as Gili, Nakshatra and Asmi. The company mulls to transfer operations from Mumbai to Hyderabad where its new SEZ, exclusively for gem and jewellery, is coming up on 200 acres. The company may sell or lease-out its property in Borivali and SEEPZ properties.