Gitanjali Group, India’s largest integrated diamond and jewelry manufacturer and retailer, has acquired Renaissance Jewellery’s Retail Business – Lucera Jewellery. Mumbai-based Renaissance Jewellery markets Lucera premium silver jewelry in India through its wholly owned subsidiary Renaissance Retail Venture. Gitanjali Group says the acquisition helps strengthen its position in the silver jewelry market.
The Gitanjali Group acquired Lucera for Rs 25 crores ($6.2 million). The company says it plans to extensively broaden the Lucera brand reach. Gitanjali aims to consolidate Lucera’s position as a premium Jewelry and lifestyle brand and has plans to open 5 more stores across country this year in Aurangabad, Nagpur, Pune, Rajkot & Kanpur.
The company says it plans to broaden the Lucera brand portfolio from exclusively silver jewelry to designer watches, belts, and bags to complement the “contemporary global citizen.”
Gitanjali says it aims to position Lucera as a Jewellery and Lifestyle brand worldwide.
“We are aggressively pursuing opportunities that will synergise with the company’s philosophy to add incremental value at every level of the supply chain, said Mehul Choksi, Gitanjali Group chairman. “Also this acquisition brings unparalleled depth and breadth of lifestyle and product offerings to existing and prospective customers of Gitanjali.” … “Silver jewelry is very popular amongst the youth and is an integral part of their jewelry purchase today. We are happy to see the successful conclusion of the transfer of the brand to Gitanjali Lifestyle.
Hitesh Shah, executive director, Renaissance Jewellery added, “The company has taken a conscious decision to focus on the export market and thus have sold our domestic retail venture to the best in the retail jewelry business.”