Gitanjali acquires Renaissance Retail, Trinity Watch
10 Mar 2008
Integrated diamond and jewellery manufacturer and retailer, the Rs3,500-crore Gitanjali Gems Ltd., today announced it had acquired the silver retail business of Renaissance Jewellery, Lucera, through the acquisition of Renaissance Retail Venture Pvt Ltd.
"This powerful acquisition will drive much more value to key stakeholders including end customers, and partners of Gitanjali Group," the company said in a statement.
Gitanjali Gems now plans to extensively broaden the Lucera brand reach and consolidate its position as a premium brand and position Lucera as a global jewellery and lifestyle brand.
It also plans to open five new Lucera stores across country this year in Aurangabad, Nagpur, Pune, Rajkot & Kanpur.
Gitanjali has also announced a second acquisition - Trinity Watch Co Pvt Ltd - through its subsidiary, Gitanjali Lifestyle Ltd.
The jeweller did not disclose the acquisition price of the two businesses.
Trinity Watch Co is engaged in the business of sale of watches under its registered premium brand 'Iris and also distributes various international watch brands under license.
In January Gitanjali Gems had announced the complete its acquisition of Nakshatra Diamonds, a premium brand owned by the De Beers group's Diamond Trading Company (DTC).
Gitanjali's wholly owned subsidiary Mohar Jewels, has also entered into gold loans and safe deposits vaults.