Gitanjali Acquires Two Indian Jewelry Brands

The Gitanjali Group acquired the Nirvana and Viola Indian jewelry brands as the company ‎aims to enhance its share of the organized retail space, Rapaport reports. The acquisition was made ‎through Gitanjali’s subsidiary Spectrum Jewellery Ltd. for an undisclosed amount.‎
‎“The acquisitions will help us expand the portfolio of brands we offer to consumers and ‎deepen our penetration of the market,” said Mehul Choksi, the chairman of Gitanjali Group. “Over time, we aim to enhance the brand value of both ‎Nirvana and Viola while transforming them into retail brands by exploring formats of own ‎stores and franchisee stores.”‎
Gitanjali reported that Nirvana is a 15-year-old brand with a focus on daily wear jewelry,  ‎targeting professional women between the ages of 20 and 45 in tier I and tier II cities. Its ‎product range consists primarily of rings, earrings and pendants and at price points ranging ‎from $460 to $553 (INR 25,000 to INR 30,000). The brand has an active design portfolio ‎of 2,000 designs.‎
Nirvana is offered in 106 shop-in stores across India, deriving 70 percent of its revenue ‎from the western and southern parts of the country. The brand also owns one stand-‎alone boutique and has its own manufacturing unit in Mumbai. It has 240 sales employees ‎and 60 factory workers.‎
Gitanjali noted that Viola is a relatively newer brand with a presence  in 60 shop-in stores ‎in the northern and western parts of India. The brand offers colored stones and electro-‎foaming Italian designs and targets the occasional wear and party wear markets, with price points ‎ranging from $553 to $921 (INR 30,000 to INR 50,000). Viola brings with it an employee ‎base of 130.‎
Gitanjali  stated that both Nirvana and Viola will receive a boost to their brand value ‎from its marketing and distribution capabilities. Gitanjali also plans to transform ‎the brands into retail chains and expand their design and category base.