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Paul Noronha

Mr Sadanand Pawar (left), President, Gitanjali Lifestyle Ltd, and Mr Gilles Mountounet, Vice-President, International Business, at a press conference in Mumbai on Monday. —

Our Bureau

Mumbai, March 10 Gitanjali Lifestyle, a subsidiary of Rs 3,500-crore Gitanjali Group, has acquired Renaissance Retail Venture and its jewellery brand Lucera for Rs 25 crore. The company has also bought Trinity Watch Co Pvt Ltd for an undisclosed amount and is in advance stage of acquiring two more jewellery brands soon.

In next one year, the company plans to invest Rs 150 crore in lifestyle business. Trinity sells watches under its registered premium brand ‘Iris’. The company also distributes various international watch brands under license from various principals.

Renaissance Retail sells silver, gold, platinum and diamond-studded jewellery through its nine flagship and 32 retail stores. Lucera-branded ornaments are priced between Rs 600 and Rs 15,000.

“We are planning to position Lucera as a premium jewellery and lifestyle brand. We will open new stores in Aurangabad, Nagpur, Pune, Rajkot and Kanpur,” said Mr Sadanand Pawar, President, Gitanjali Group.

The company targets to increase the turnover from Rs 10 crore to Rs 75 crore in one year.

Without divulging investment details, Gitanjali Lifestyle unveiled its plans to open malls in Hyderabad and Kolkata. The mall will open doors for other market players as well.

“The 73,000 square feet mall in Hyderabad will be opened in July at the company’s proposed SEZ, while the work in the 80,000 sq ft mall at Kolkata will begin soon as the land acquisition has been completed,” Mr Pawar said.

The company intends to open 200 lifestyle stores in metros and mini-metros across industries such as lifestyle, fashion, jewellery, food and beverage, and health and beauty. Gitanjali Lifestyle will inaugurate its first spa ‘Just Cuts’ in Delhi by March end.

Gitanjali Group through its newly-incorporated subsidiary Mohar Jewels Ltd will provide gold loans and safe deposit vaults.

“Mohar Jewels will provide safe deposit vaults and gold loans to individuals, entities or any other person, to do the business of manufacturing, buying, selling, importing, exporting of diamonds and other precious stones,” Gitanjali said.

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

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