Gitanjali eyes Tier III-IV cities

Gitanjali, the country’s leading jewelry retailer, is planning to open around 20 large format

stores, Maya by Gitanjali Lifestyle, by December. The jewelry retailer will be spending Rs 100 crores for this project. The stores will open in Tier III-IV cities. The company will convert the outlets of the retail chain Salasar Retail, in which it acquired a majority 76 per cent stake last year, into Maya. Currently, Salasar Retail has 11 stores out of which two are in Delhi and the remaining in smaller cities such as Raipur, Gwalior, Kanpur and Guwahati.

Gitanjali also has plans to open these stores in other parts of the country having a target turnover of Rs 1,000 crores in the coming three years. Gitanjali Gems also plans to acquire a leading Italian jewelry house by the end of September. Gitanjali Gems runs over 130 retail jewelry shops in the US and 2,500 sales points in India. The Italian group, highly regarded for its wealth of knowledge in the contemporary luxury sector, has over 600 stockist across 30 countries. Moreover the Italian brand’s acquisition will help Gitanjali penetrate global markets and introduce new jewelry designs with light weight, especially in the European and the Middle East markets, where it had earlier failed to gain a foothold.