Gitanjali Group acquires two Indian brands

Jewellery major Gitanjali Group has acquired two well-known

Indian jewellery brands, Nirvana and Viola through its subsidiary Spectrum Jewellery. Both the acquired brands have a dominant presence in modern retail formats across the country and will complement Gitanjali’s existing portfolio of brands and enhance its retail presence.

Gitanjali Group chairman and managing director Mehul Choksi feels, the acquisitions will help to expand the portfolio of brands it offers to consumers and deepen penetration in the market. The group plans 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.

Nirvana is a 15-year-old 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. The brand also owns one standalone store with own manufacturing unit in Mumbai. Viola is present in 60 shop-in-shops mainly in the North and West.

While the acquisitions will help Gitanjali Group to further expand its retail network and increase its market share in the organized retail space, Nirvana and Viola will receive a boost to their brand value from Gitanjali`s powerful marketing and distribution capabilities, the company’s press release said.