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Mumbai, Jan. 8 The Diamond Trading Company has handed over its premium brand Nakshatra, launched in October 2000, to Gitanjali Gems. Mr Anuj Rakyan, Vice-President (Jewellery Division) of Gitanjali, told media persons here on Tuesday that the brand assets have been acquired by Gitanjali’s wholly owned subsidiary Gitanjali Ventures DMCC incorporated in Dubai.

Earlier, the brand licensee Brightest Circle Jewellery Pvt had exclusive licence to use the trademark and the domain name. Gitanjali, Mahendra Bros and Dimexon were in control of 33 per cent each of Brightest.

Now Gitanjali owns 100 per cent stake in Brightest, in which it had made an investment of Rs 100 crore over a period of seven years.

The company plans to invest another Rs 100 crore in the brand over the next two years.

In the last fiscal, Brightest recorded revenues to the tune Rs 150 crore against Rs 85 crore in FY 2005-06.

Gitanjali plans to extend the Nakshatra brand outside jewellery to accessories such as shoes, handbags, watches, broaches, belts and cosmetics.

More Stories on : Brands | Gems & Jewellery | Mergers & Acquisitions

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