Gitanjali acquires Salasar Retail

Gitanjali Group the pioneers in diamond and jewellery manufacturing in India has acquired

a 76 per cent stake in Salasar Retail Ltd. The acquisition is part of the group’s retail expansion strategy of acquiring a chain of mid-sized department stores across India. The group plans to roll out multi-format retail stores under the name ‘Maya’. The stores called ‘Maya by Gitanjali Lifestyle’ will offer jewellery and other lifestyle products.
Salasar has 10 stores in northern India, with 200,000 sq ft of the area under operation. This move by the Gitanjali Group will help it gain access to prime customers in Delhi, Cuttack, Kanpur, and Gwalior among others. Gitanjali also plans to open Maya stores in other parts of the country.
Through the Maya stores, Gitanjali expects an additional turnover of about Rs 1,000 crores over the next three years. Nearly 60-70 per cent of the earnings will be from jewellery sales and the rest from apparel.
The company also plans to increase its retail footprint by an additional 1.25 to 1.50 million sq feet of retail space by 2010-11. Already Gitanjali has partnered with various leading mall developers under the revenue sharing model.
Gitanjali has brands such as D’Damas, Asmi, Sangini, Nakshatra, and Gili and sells its products in India through its vast network of 1,250 outlets. The company already has more than 5,00,000 sq. ft. of retail space. Additionally, it operates 143 retail jeweler stores located across the US through the acquisitions of Samuels Jewelers and Roger Jewelers.