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Gitanjali Acquires Two Indian Jewelry Brands
Dec 13, 2012 1:20 AM
By Dilipp S Nag
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RAPAPORT... The Gitanjali Group acquired the Nirvana and Viola Indian jewelry brands as the company aims to enhance its share of the organized retail space. The acquisition was made through Gitanjali’s subsidiary Spectrum Jewellery Ltd., for an undisclosed amount.
“The acquisitions will help us expand the portfolio of brands we offer to consumers and deepen our penetration of the market,” said Mehul Choksi, the chairman of Gitanjali Group. “Over time, we aim to enhance the brand value of both Nirvana and Viola while transforming them into retail brands by exploring formats of own stores and franchisee stores.”
Gitanjali reported that Nirvana is a 15-year-old brand with a focus on daily wear jewelry, targeting professional women between the ages of 20 and 45 in tier I and tier II cities. Its product range consists primarily of rings, earrings and pendants and at price points ranging from $460 to $553 (INR 25,000 to INR 30,000). The brand has an active design portfolio of 2,000 designs.
Nirvana is offered in 106 shop-in stores across India, deriving 70 percent of its revenue from the western and southern parts of the country. The brand also owns one standalone boutique and has its own manufacturing unit in Mumbai. It has 240 sales employees and 60 factory workers.
Gitanjali noted that Viola is a relatively newer brand with a presence in 60 shop-in stores in the northern and western parts of India. The brand offers colored stones and electro-foaming Italian designs and targets the occasional wear and party wear markets, with price points ranging from $553 to $921 (INR 30,000 to INR 50,000). Viola brings with it an employee base of 130.
Gitanjali stated that both Nirvana and Viola will receive a boost to their brand value from its marketing and distribution capabilities. Gitanjali also plans to transform the brands into retail chains and expand their design and category base.
*Note: All data was published in rupee. Any references to U.S. dollar amounts were made according to exchange-rate conversions by Rapaport News.
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Tags:
brands, diamond, Dilipp S Nag, Gitanjali, Gitanjali Group, India, Jewelry, Mehul Choksi, Nirvana, Viola
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