Gitanjali Group acquires two brands

KOLKATA: Jewellery major Gitanjali Group has acquired two well known Indian jewellery brands, Nirvana and Viola through its subsidiary Spectrum Jewellery Ltd. Both the acquired brands have a dominant presence in modern retail formats across the country and will complement Gitanjali's existing portfolio of brands and enhance its retail presence.

Gitanjali Group chairman and managing director Mehul Choksi said the acquisitions will help to expand the portfolio of brands it offers to consumers and deepen penetration in the market. "Over time, we aim to enhance the brand value of both Nirvana and Viola while transforming them into retail brands by exploring formats of own stores and franchisee stores," he said.

Nirvana is a 15 year old diamond jewellery brand and is sold through over 106 shop-in shops across the country, particularly in the West and South which together account for 70% of its revenues. The brand also owns one standalone store with own manufacturing unit in Mumbai. Viola is present in 60 shop-in-shops mainly in the North and West.

While the acquisitions will help Gitanjali Group to further expand its retail network and increase its market share in the organized retail space, Nirvana and Viola will receive a boost to their brand value from Gitanjali's powerful marketing and distribution capabilities, the company's press release said. Gitanjali will transform these brands into retail chains and enhance their value by expanding their design and category base. Ends/.