With chairman Randy McCullough’s departure, and the general economic climate, many had been wondering about whether Gitanjali USA will stay in expansion mode.
But I just spoke with Deepak Gandhi, CEO of the now 132-store chain, which includes Samuels and Rogers – and he says the company’s growth will continue.
“We will continue to expand,” he said. “We see this climate as a wonderful opportunity to make inroads. We will expand our offerings, especially of branded products; introduce additional services and enhance the shopping experience for our customers.”
But he cautioned “we will be careful and selective in geographic expansions.”
For instance, Gitanjali at one point looked at purchasing the entire Whitehall chain, but in the end purchased no stores, he said.
While Gandhi admits these are challenging times, he said his company is focused on adding brands, and says the “Passion Stone” and others have done well. He also argues that his company’s vertically integrated model — it’s also a sight holder and jewelry manufacturer — gives it an edge.
Meanwhile, Gitanjali chairman Mehul Choksi is now chairman of Gitanjali USA, and the company has also promoted David Dellaglio to COO.
“We see these as exciting times,” Gandhi said, “and also unfortunate and interesting times, all rolled into one.”
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