Gitanjali Increases its Global Footprint
Posted on: 21 August 2012
Gitanjali, the world’s largest integrated jewellery player has announced the acquisition of a15.3% stake in a leading Japanese retail chain – Verite. This acquisition also brings a 50% supply contract to Gitanjali from Verite for its 101 jewellery retail stores in Japan. Japan being the leading diamond jewellery market of the world with the likes of the USA, India, China and the Middle- East, Japan consumes nearly 12% of the global diamond jewellery. Also with consumers high on fashion consciousness, Japan offers excellent margins over commodity prices.
The Chairman and Managing Director of Gitanjali group, Mr. Mehul Choksi, commenting on this acquisition, said “We are delighted to take a significant stake in Verite and obtain access to the Japanese jewellery retail market. This will enhance supply chain advantages, economies of scale and profitability.” Further Mr. Choksi also added, “With the strengthening dollar, international revenues will balance our growth and margins.”