Gitanjali lines up foray into lifestyle Retail in India

GITANJALI Group, the country’s leading diamond and jewellery manufacturer and retailer, is all set to foray into lifestyle retail. Industry sources say the Rs 3,000-crore gems and jewellery major plans to set up its own malls, with a focus on the luxury segment. For the foray into non-jewellery retail, Gitanjali Group is likely to set up a separate company Gitanjali Lifestyle. It is expected that the group would announce its lifestyle retail foray in the next two-three weeks. When contacted, Gitanjali Group chairman Mehul Choksi declined to comment.Apart from launching luxury malls housing, highend apparel and accessories brands, Gitanjali Lifestyle would also launch malls catering to the masses. It has begun talks with real estate developers for its proposed malls. The initial investment in the non-jewellery retail foray is estimated to be over Rs 100 crore.“Fashion is a key focus area for the group which wants to ride on the combination of fashion and jewellery to drive growth. Apart from high-end luxury brands, the group is also looking at retail of fashion brands catering to upper-middle classes,” said an industry source. Gitanjali Gems, the flagship company of the group, is a leading DTC sightholder in India and has brands like Nakshatra, Asmi, Gili, D’Damas, Collection g, Gold Expressions and Vivaha Gold. Last month, Gitanjali Gems acquired a majority interest in Tri-Star Worldwide, a manufacturer and global distributor of the Canadia brand diamonds and diamond jewellery, for an undisclosed sum. In December last year, it had acquired a 97% stake in the $100-million US-based jewellery chain, Samuels Jewellers Inc, for Rs 200 crore.
courtesy:economictimes
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