Gitanjali Group announced the acquisition of Lucera Jewellery, a premium silver jewellery chain marketed in India through Renaissance Jewellery`s wholly owned subsidiary Renaissance Retail Venture
India's largest integrated diamond and jewellery manufacturer and retailer, Gitanjali Group announced the acquisition of Lucera Jewellery, a premium silver jewellery chain marketed in India through Renaissance Jewellery`s wholly owned subsidiary Renaissance Retail Venture. This acquisition helps the Gitanjali Group strengthen its position in the silver jewellery market. The Gitanjali Group has acquired Lucera for Rs 25 crores. The company aims to enhance the brand presence of Lucera thereby strengthening its position as a premium Jewellery & lifestyle brand. It plans to open 5 more stores across country this year in cities like Aurangabad, Nagpur, Pune, Rajkot & Kanpur. Driving more value to key stakeholders, end customers and partners of Gitanjali Group, this acquisition promises to add up to advantages that include better deals for consumers and access to the world`s most sought after brand. Lucera jewellery is presently sold through 9 flagship stores and 32 shops in India. The company plans to expand Lucera`s brand portfolio from being a silver jewellery brand by introducing other lifestyle accessories like designer watches, belts, bags etc., thereby positioning Lucera as a Jewellery and Lifestyle brand worldwide. Gitanjali Group anticipates sales worth Rs 60 cr over the next 1 year. Speaking on the momentous occasion, Mr. Mehul Choksi, Chairman Gitanjali Group said, ‘We are aggressively pursuing opportunities that will synergise with the company`s philosophy to add incremental value at every level of the supply chain, thus ensuring greater shareholder value and boost to the bottom line. Also this acquisition brings unparalleled depth and breadth of lifestyle and product offerings to existing and prospective customers of Gitanjali.” He further added saying, “Silver jewellery is very popular amongst the youth and is an integral part of their jewellery purchase today. We are happy to see the successful conclusion of the transfer of the brand to Gitanjali Lifestyle. Gitanjali has a reputation of bringing world-class brands in the country such as ‘Nakshatra ‘Asmi, D'Damas, Gili, Gianti and several others to establish itself as the pioneers in innovation and technology. The aim and objective of Gitanjali Lifestyle is to bring in a plethora of brands that are synonymous with luxury & style, through stores and shop-in-shops that become prime destination for luxury shoppers. The brands debuting today cover major aspects of lifestyle retailing, spanning jewellery, watches and silverware. Commenting on the deal Mr. Hitesh Shah Executive Director Renaissance Jewellery said, “The Company has taken a conscious decision to focus on the export market and thus have sold our domestic retail venture to the best in the Retail jewellery business”. The acquisition is a significant step towards moving up the industry value chain and will offer a range of synergies to Gitanjali's existing operations. One of the brands under the Gitanjali fold, it can leverage the group`s well-earned reputation for ethics and values in a business where such attributes are critical to win the trust of consumers.