Jewellery retailer and exporter Tara Jewels Ltd is in talks to acquire a 49% stake in Australia-based jewellery chain Bevilles Jeweller.
The proposed investment will give Tara Jewels access to jewellery markets in Australia and New Zealand, it said in a statement.
Bevilles was founded in 1934 in Melbourne. It had filed for voluntary administration in April 2014. However, the promoters were able to get creditors’ approval for a restructuring plan which involved a reduction in the number of stores and employees. Tara Jewels provided unsecured credit to Bevilles Jeweller during the restructuring exercise. The annual revenue of Bevilles is around A$34 million (around Rs 170 crore).
Tara Jewels was founded by Rajeev Sheth in 1994. It is an integrated jewellery player with a presence in manufacturing, designing, exports and retail segments. The company got listed in December 2012. The firm currently has three manufacturing facilities spread across 80,000 sq ft, employing 1,000 craftsmen and 39 designers. Tara Jewels has been supplying jewellery to Bevilles, according to its annual report.
In FY2016-17, the company reduced the number of retail outlets to four from 19 a year before. In the same financial year, its consolidated revenue stood at Rs 1,557.85 crore and its net loss was Rs 4.62 crore. Exports accounted for more than 80% of the revenue.
Austria-based Swarovski AG’s subsidiary Crystalon Finanz AG held 7.31% stake in Tara Jewels as on 30 June 2017.