Branded jewellery retailer and manufacturer Gitanjali Group has acquired two domestic brands, Nirvana and Viola, which will help the group gain additional 15 per cent market share.
“These acquisitions will help us expand the portfolio of brands we offer to consumers and deepen our penetration of 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,” Mehul Choksi, Chairman and Managing Director, Gitanjali Group said in a release.
The company has acquired these two brands through its subsidiary Spectrum Jewellery, the release said. However, the company did not disclose the financial details of the deals.
When contacted, Choksi said the Group expects 15 per cent additional market share straightaway with these acquisitions.
“Both the brands together have about 15 per cent market share...Nirvana about 10-11 per cent and Viola about 4-5 per cent and we will get this immediately,” he said.
Each of the brands has a well established presence in modern retail formats across the country and will complement Gitanjali’s existing portfolio of brands and enhance its retail presence, he added.
Nirvana is a 15-year 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 per cent of its revenues.
“We are aiming to open 25 standalone stores under Nirvana brand, which at present has only standalone outlet, in next two years,” Choksi said.
Nirvana also has its own manufacturing unit in Mumbai, with technological focus to manufacture light weight jewellery.
Viola, which is relatively a younger brand, is present in 60 shop-in-shops mainly in the North and West.
“We plan to expand the shop-in-shops to additional 100 in one year,” Choksi added.
The brand also has an manufacturing unit with technology brought from Europe that enables Viola to make their pieces look much larger using lesser gold.