Jewellery retailing firm Gitanjali Gems Ltd, which is backed by ad-for-equity media investor Bennett, Coleman & Co. Ltd, said that its nine key brands were valued at Rs 5,584 crore or $1.2 billion, according to the brand valuation company Brand Finance Plc. of London.
The firm said that the brand valuation exercise was a part of the initiative with the consultancy firm KPMG to restructure the business in three verticals: diamond & jewellery manufacturing, domestic branded jewellery and international branded jewellery.
“Our bouquet of brands has immense value and an enormous potential, and we are working towards developing them to unlock this value for the benefit of all our stakeholders,” said Mehul Choksi, chairman and managing director of the Gitanjali Group.
According to Gitanjali Gems, the flagship brand Gitanjali is valued at Rs 2,261 crore while other top brands Gili is valued at Rs 1,018 crore, Nakshatra at Rs 1,014 crore, Asmi at Rs 406 crore, D’Damas at Rs 331 crore, Gitanjali Jewels at Rs 38 crore, Maya Gold at Rs 198 crore, Gitanjali Lifestyle at Rs 85 crore and Shuddhi at Rs 33 crore.
The jewellery retailer also said that the international brands of the group had not been made a part of the valuation exercise. The bouquet of brands owned by the group in Italy includes Stefan Hafner, iO Si, Porrati, Novelle Bague and Valente. The Gitanjali Group also owns speciality retail chain in the USA under the brands of Samuels and Rogers.
On the Bombay Stock Exchange, shares of Gitanjali Gems closed at Rs 333.60, up 2.93 per cent from the previous close. The firm has a market cap of Rs 2,831 crore ($ 612 million).
Incorporated in 1966, Surat-based Gitanjali Group is one of the largest branded jewellery companies in India with interests in diamond jewellery, retail and lifestyle businesses. The company operates across the USA, the UK, Belgium, Italy and the Middle East, as well as in Thailand, South-East Asia China and Japan.