Gitanjali Gems acquires Trinity Watch, Renaissance Retail

Jewellery maker Gitanjali Gems on Monday said it has forayed into the business of providing gold loans and safe deposits vaults, besides acquiring Trinity Watch Co and Renaissance Retail Ventures for an undisclosed amount.

The company has also, by way of incorporation of its wholly-owned subsidiary Mohar Jewels, forayed into the business of providing gold loans and safe deposits vaults to entities and individuals, Gitanjali informed the Bombay Stock Exchange.
The company, through its wholly-owned subsidiary Gitanjali Lifestyle Ltd, has acquired the two businesses to expand its product portfolio.The company has also bought Trinity Watch Co, engaged in the business of sale of watches under its registered premium brand ‘Iris´. Trinity also distributes various international watch brands under license from various principals.

Read more in
The Live Mint article.

Gitanjali acquires US jewellery retailer

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.