Gitanjali Gems has acquired US retail jewellery chain Rogers for $18.5 million to boost the company’s retail presence in abroad.The acquisition will enable Gitanjali to leverage Rogers’ existing retail infrastructure and access US consumers.
The privately held Rogers is headquartered in Middletown, Ohio and operates 46 retail stores under brand names Rogers Jewelers and Andrews Jewelers. Rogers revenues this year stood in the region of $80 million.
Gitanjali was looking at raising capital for its acquisition and expansion plans. It has proposed to garner around Rs 320 crore by issuing 10 million convertible equity warrants to the promoters on a preferential basis.
In December last year, the company bought US-based jewellery chain Samuels, marking its maiden acquisition in the gems and jewellery space. Samuels has 100 stores in the US, with sales of Rs 500 crore and a back-end capacity for 150 new stores.
Read more in The Business Standard article.
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