Diamond firm Gitanjali Jewels (Gili) announced that the company is acquiring Asmi and Nakshatra brands from Diamond Trading Corporation (DTC). The company is also ties up with Provogue to sell jewellery.
With this, Gitanjali is also set to emerge as the biggest branded jewellery retailer in the country.
The Asmi brand, currently manufactured under licence from DTC, has more than 225 outlets. Endorsed by Aishwarya Rai, Nakshatra has 175 outlets. Gitanjali's stable includes Gili and D'damas (in collaboration with Damas of UAE), with a total of 1,500 outlets sprawled across malls, shopping areas, lifestyle stores and even saree shops. The group's retail sales are worth Rs 300 cr.
The only other big jewellery chain, the Rs 600-cr Tanishq, has 58 outlets. But expansion has been relatively sedate because it is a one-shop brand, with no tie-ups with other retailers. Meanwhile, two new Gitanjali brands - Modali, and a special diamond and silver line for teenagers are on the cards. Diamonds are no longer being positioned just as the ultimate symbol of committed love. To expand the connection of diamonds with high fashion, top designers have been roped in.
Modali is a customised brand set up in collaboration with designers like Ritu Beri and Abu Jani and will be located in their outlets itself. Almost 20,000 designs will be loaded on to computers with various gems and colour options.
Choksi informed that top-end customers can consult their designers to co-ordinate their entire look before ordering them. Gitanjali has also tied up with clothing major Provogue to sell jewellery at its 75 stores. He included that the stores will have both the men and women's range of jewellry. Men's jewellery is now 15 percent of the market now.
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