Gitanjali Gems Ltd, the flagship company of the Mehul Choksi-promoted Gitanjali Group, is planning on rolling out a nationwide retail chain of 150 branded stores across the 'real' India in Tier-II cities over the coming two year period.
The company estimates that these cities could add almost 60 per cent to sales.
The next two year period will also most likely see the company expand its points of sale across its various brands from 840 to 1,500. According to Gitanjali Gems vice president for the jewellery division, Anuj Rakyan, the retail expansion plans could witness the infusion of around $50 million.
To add weight to the retail rollout, Gitanjali Gems has signed up Bollywood starlet Katrina Kaif as its new brand ambassador for its jewellery brand Nakshatra.
Kaif is also the brand ambassador for other companies and brands such as Kodak, Veet, Lakme Beauty, Provogue, Silk n Shine and Vijay Mallya's Bangalore IPL team. Kaif replaces her predecessor Aishwarya Rai, who has been the face of the brand from 2004.
Speaking to the media, Rakyan said, ''Katrina lends a refreshing look to the brand and is currently the reigning queen of Bollywood. We strongly feel that Katrina epitomises what Nakshatra stands for.'' Gitanjali Group chairman Mehul Choksi was also happy with Katrina's appointment as brand ambassador, saying, "Katrina is the perfect representation of the young, trendy and fashionable woman that Nakshatra targets. She lends a refreshing look to the brand. We are excited about having her on board as the new face for Nakshatra."
"I am delighted to be associated with a brand like Nakshatra that has garnered immense popularity not only in India but worldwide. I hope this association is amiable and mutually profitable," Katrina Kaif said in a statement. He initial endorsement contract is said to have a tenure of 18 months.
Gitanjali Group retails branded diamond and gold jewellery under the brands Nakshatra, Asmi, Gili, D'Damas, Sangini, Collection G, Gold Expressions and Vivaha Gold through 840 outlets. Nakshatra sports floral designs with multiple diamonds encircling a single large diamond, signifying the constellation effect.