Gitanjali Group picks up Italian brands

Pioneer and industry leader in the gems and jewelry industry

in India, Gitanjali Group is all set to acquire Italy’s DIT Group’s signature brands Stefan Hafner, Porrati, Nouvelle Bague of Florence and Io Si. According to a top company official of Gitanjali Group, the Euro 20 million deal will be wrapped up within a month.

At a recently held press conference, Gitanjali Group’s Managing Director, Mehul Choksi said, negotiations are on (with DIT) and they expect to finalize everything in a month’s time. The DIT brands will help Gitanjali penetrate into the Euro 100-115 million market, as the company will get a strong foothold in markets such as Russia, Saudi Arabia, the Middle-East, US, Japan and Europe.

Italian giant DIT Group is synonymous with jewelry brands that stand for premium range of contemporary luxury in the world of jewelry, showcasing the best of avant garde Italian creativity.

Gitanjali Group is going from strength to strength. According to Choksi they are targeting a 40 per cent sales growth this fiscal year. The company had clocked total sales of Rs 4,000 crores and exports, which stood at Rs 3,000 crores last year due to blocked-up pipeline, is likely to grow 30 per cent this year on the back of the economic rebound. Last year, the company reported a net profit of Rs 200 crores and is expecting a one to two per cent growth in its EBIT margin. The ongoing festival period in India this year has generated a value growth of 50 per cent over last year whilst in terms of volumes, a 15-20 per cent rise.

The company is expected to launch a couple of products including a Gili Signature line. From the 4,000 outlets it owns, retail space is going to increase by a whopping 300,000 sq. ft. to include new outlets and franchised outlets.