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Gitanjali acquires silver jewelry brand Lucera

March 11, 2008

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Mumbai, India—The Gitanjali Group has announced the acquisition of Renaissance Jewellery's Lucera Jewellery, strengthening its position in the silver jewelry market.

Renaissance Jewellery markets Lucera premium silver jewelry in India through its wholly owned subsidiary Renaissance Retail Ventures.

Gitanjali plans to extensively broaden the Lucera brand portfolio to include lifestyle accessories such as designer watches, belts and bags. In addition, it plans to open five more Lucera Jewellery stores across India this year in Aurangabad, Kanpur, Nagpur, Pune and Rajkot.

Lucera Jewellery is currently sold in nine flagship stores and 32 shops in the country.

According to Gitanjali, this acquisition is in line with the company's plan to consolidate its position as a pioneer of branded jewelry in India and to move forward into the lifestyle arena.

"We are aggressively pursuing opportunities that will synergize with the company's philosophy to add incremental value at every level of the supply chain, thus ensuring greater shareholder value and boost to the bottom line," Gitanjali Group Chairman Mehul Choksi said in a media release. "Also, this acquisition brings unparalleled depth and breadth of lifestyle and product offerings to existing and prospective customers of Gitanjali."

Choksi also said that silver jewelry is very popular among young people today and is an integral part of their jewelry purchases.

The aim of Gitanjali Lifestyle, the luxury and retail arm of The Gitanjali Group, is to bring in a plethora of brands that are synonymous with luxury and style, with an artery of stores and shop-in-shops that become prime destinations for luxury shoppers. The brands the company is acquiring cover major aspects of lifestyle retailing, spanning jewelry, watches and silverware.

Editor's note: For related news about The Gitanjali Group, see Gitanjali adds more luxury brands to roster.
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