New Delhi, Nov 19: Jewellery maker Gitanjali Gems Ltd today said it has acquired US-based retail jewellery chain Rogers Ltd to strengthen its presence in the United States market.
The company has bought 100 per cent stake in this specialty retailer with current revenues of about 80 million dollars.
The buy-out will provide Gitanjali access to a large consumer base, as it would give 46 retail stores in the US.
This acquisition is a landmark step for the industry and a significant step towards moving up the industry value chain, which will offer a range of synergies to Gitanjali's existing operations, company said in a statement.
Founded in 1920, Rogers Ltd operates under brandnames 'Rogers Jewelers' and 'Andrews Jewelers', Gitanjali will not only have access to a large US consumer base, but leveraging Rogers' existing retail infrastructure will give Gitanjali a better control over the entire value chain in the jewelry business, it added.