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Gitanjali Gems expects to double revenue from Japan in two years with the integration of its businesses.
It has transferred the 30 per cent stake in Gems London Co to its Tokyo-based subsidiary Imacbc Co. Earlier, the stake was held by its Hong Kong-based wholly-owned subsidiary Aston Luxury Group.
The merger has come into effect from April.
Gems London is one of the leading sellers of jewellery in Japan through its TV channel Gems TV. It recorded revenues of $90 million (Rs 480 crore) in the last fiscal. Imacbc Co is a leading jewellery retailer in Japan.
The integration of business will shorten lead time and response time at both ends of the jewellery value chain, said Gitanjali, in a statement.
Imacbc will become a completely integrated company - from sourcing raw material from Thailand and China, manufacturing at two facilities in China, to retailing in Japan. Shares of Gitanjali hit a new high of Rs 631 on Monday.
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