Continuing its inorganic expansion, Jewellery major Gitanjali Gems has bought Alliance Jewellers Pvt Ltd through its wholly owned subsidiary Brightest Circle Jewellery Pvt Ltd, it said in statement. Alliance is a Lebanon-based company, which makes gold and diamond studded jewellery.
In July this year, Gitanjali Gems has acquired a 70% stake in Bangalore-based mobile retail chain MobileNXT Teleservices Pvt Ltd in an attempt to rebrand the stores as ‘Hoop’ and retail fashion jewellery, watches, eyewear, etc. besides mobile phones. Earlier in 2006, it has acquired a 97% stake in Samuels Jewelers Inc., a chain of jewellery stores in the US. Some of its popular jewellery brands include Gili, Asmi, D’Damas and Maya Sangini.
The company has posted Rs 5088.88 crore revenue in 2008-09 fiscal as compared to Rs 4831.74 crore last year. Net profit was Rs 150.58 crore against Rs 160.69 crore.