Leading jewellery maker Gitanjali Gems has forayed into the business of providing gold loans and safe deposits vaults.
The company has also acquired Trinity Watch Co and Renaissance Retail Ventures for undisclosed sums.
Gitanjali has formed Mohar Jewels, a wholly owned subsidiary, to ensure a smooth entry into the gold business, according to Gitanjali's release to the Bombay Stock Exchange. It bought the two companies through Gitanjali Lifestyle, a subsidiary, to expand its product portfolio.
Gitanjali Gems will soon launch the fashion retail format through its retail subsidiary Gitanjali Lifestyle. The company said it is exploring joint ventures and inorganic growth opportunities to introduce international lifestyle brands in India.
While Trinity Watch sells watches under the Iris brand, Renaissance Retail Ventures is engaged in the business of promoting, conducting and managing
Besides, Gitanjali Lifestyle has tied-up with three fashion designers to introduce fashion apparels and private labels. The parent company is targeting a turnover of Rs 500 crore (Rs 5 billion) from Gitanjali Lifestyle in two years.
Sadanand Pawar, President, Gitanjali Lifestyle said, "The luxury spending on apparels is growing at 30 per cent. The company will introduce the fashion lines at the upcoming Wills Fashion Week."
He mentioned that the company would open exclusive stores but had not zeroed upon the name for the format.
"We plan to invest Rs 150 crore (Rs 1.5 billion) in two years in the lifestyle segment and are aiming to have 50 plus stores by year-end," Pawar said.
"The company aims to become an important player in retail space with main thrust on jewellery, watches, fashion, digital accessories and cosmetics."
