“We are shopping to buy,” Choksi said Saturday on the show floor. “We are very keen to buy.”
He added, “At the same time we are not in a hurry.”
Choksi described the bankruptcy proceedings regarding the Chicago-based jeweler as “getting very messy.” And it is playing a major role into whether he will be able to buy the stores. His hesitancy is also related to his belief that there may be two more bankruptcy opportunities for the Mumbai-based jewelry company.
“I feel that it will be six months to one year (for the bankruptcies to occur),” he said, adding that the U.S. jewelry industry is facing “very difficult times.”
Gitanjali owns the Samuels jewelry chain in the U.S. The company, a DTC sightholder, is a diamond and jewelry manufacturer and retailer, with vast holdings that include approximately 20 retail brands in India and approximately 175 retail outlets in the Middle East, China, and Japan.