Gitanjali acquires brand Nirvana and Viola along with state-of-the-art manufacturing facility

Gitanjali Gems Ltd. | Diamond & Jewellery | Consumer Durables | BSE: 532715 | NSE: GITANJALI

13 Dec 2012 Evaluate

Gitanjali Gems Group Company - Gitanjali Group has acquired jewellery brands, Nirvana and Viola, adding to the vast portfolio of branded jewellery it offers to the Indian consumers. The said brands are acquired through 'Spectrum Jewellery', a step down subsidiary of the company. The company has also acquired state-of-the-art manufacturing facility, based at Andheri in Mumbai where Nirvana and Viola jewellery is been manufactured in the said plant.

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.

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 stand alone store.

Viola is relatively a younger brand and is present in 60 shop-in-shops mainly in the North and West. It offers coloured stones and electro foaming Italian designs for occasion wear and party wear and targets the middle and upper middle classes of society.

Gitanjali Group has operational presence starting from sourcing of rough diamond, cutting, polishing and distributing, to jewellery manufacturing, which includes designing, mould making, wading, casting, sprue grinding, filing, and polishing etc.