MUMBAI: Gitanjali Gems, a jewellery retailer, is mulling to start 50 stores under its multi-brand jewellery layout Jewel Souk. The firm has has already started 17 shop-in-shops and company-owned stores across India. The new stores, that will open shortly, will consist of a few franchisee owned stores also.
At Jewel Souk, the firm displays important jewellery brands, fashion jewellery products along with watches. The brand is also planning to distribute its products to numerous cash and carry and hypermarket stores such as Bharti-Walmart, Star Bazaar, Central and Spencers.
Currently, Gitanjali has got presence in 210-company owned, 255 franchises and 520 shop-in-shop stores across India. It has extra points of sale via retailers. The group also operates brands such as Gili, Nakshatra, Asmi, D'Damas, G Divas and G Solitaire in India.
Just a few days back, the company has bought four Italian brands, Stefan Hafner, La Nouvelle Bague, IO SI, Poratti.
Gitanjali Gems is mulling to invest Rs 1.5 billionfor establishing these stores. The company is also negotiating with numerous cash and carry and hypermarket operators in India. Recently, Gitanjali Gems has announced that it has transferred its entire stake in the arms Asmi Jewellery India, Brightest Circle Jewellery, D`Damas Jewellery (India), Gili India, Shubalananyaa Jewel Crafts, Spectrum Jewellery to Gitanjali Brands, which is a wholly owned arm of the company.