Gitanjali Group Acquires Rogers Jewelers

Indian sightholder Gitanjali Group recently acquired Rogers Jewelers, one of the oldest family-run jewelry chains in the United States. The company purchased Samuels Jewelers last year. Rogers operates 46 stores in 11 states, with current revenues of $80.6 million. Gitanjali paid $20 million for a 100 percent stake in the retailer and plans to invest an additional $15 million to $20 million. With the Rogers acquisition, Gitanjali now has about 160 stores, including 110 from Samuels. It recently bought a number of one- and two-store operations and converted them to the Samuels name. Its goal is 175 stores by the first half of next year and 400 stores by 2009. To that end, it plans two major retail acquisitions in the next 18 months, says Nehal Modi, CEO of Gitanjali USA. While Samuels and Rogers will function as stand-alone brands, Modi says management headquarters will be merged by

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