Gitanjali announced it has acquired a 15.3 percent in Japanese retail chain Verite.
The publicly-traded Vertie has 101 stores in Japan. This acquisition includes a contract for Gitanjali to supply 50 percent of Verite’s supply of jewelry.
“This will enhance supply chain advantages, economies of scale and profitability,” said chairman Mehul Choksi in a statement. “With the strengthening dollar, international revenues will balance our growth and margins.”