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Gitanjali says Rogers deal brings synergy

By Teresa Novellino
November 26, 2007

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Mumbai, India—Gitanjali Gems, the India-based Diamond Trading Co. sightholder that just purchased U.S. jewelry chain Rogers Ltd., says the $20 million acquisition fits with its plan to wrap its arms around a bigger chunk of the global jewelry business.

In December 2006, the Indian diamond-manufacturing behemoth, which already operates retail stores in India, bought Samuels Jewelers, the ninth largest North American jewelry chain with 97 stores in 18 U.S. states. Earlier this year, Gitanjali snapped up a 70 percent stake in Tri-Star Worldwide, a Canada trademark licensee and a direct customer of BHP Billiton.

"The [Rogers] acquisition is a significant step toward moving up the industry value chain and will offer a range of synergies to Gitanjali's existing operations," Tasneem Gandhi, Gitanjali Group's senior manager of corporate communications, told National Jeweler. "Gitanjali will not only have access to a larger U.S. consumer base, but leveraging Rogers's existing retail infrastructure will give Gitanjali control over the entire value chain in the jewelry business."

Jeffrey Lazarow, Rogers' former chief executive officer and now chairman emeritus, said in a press release that the acquisition will give Rogers an edge in the increasingly competitive jewelry marketplace.

"Gitanjali's ability to source diamonds and branded jewelry direct to Rogers will enable Rogers to provide more value and an even broader selection to our consumers," Lazarow said.

Rogers, which operates 46 retail jewelry stores in 11 states under the names Rogers Jewelers and Andrews Jewelers, brings in annual revenues exceeding $80 million. It is the nation's 22nd largest specialty retailer of fine jewelry, according to National Jeweler's annual Top 50 survey of the largest North American retail jewelry chains.

With 30 percent of its business coming from return customers, Rogers has a "strong reputation for value and service" that appealed to Gitanjali, as it seeks to expand its retail presence both in India and abroad, Gandhi said.

The Rogers management team and employees will remain in place, but Gitanjali will bring in some "key personnel" to help with its integration model, Gandhi said.

Editor's note: For earlier developments in this story, see Gitanjali Gems acquires U.S. retailer Rogers.
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