Gitanjali eyes Nakshatra buy out by 2008

New Delhi, Oct 1: After acquiring 'Asmi' from Diamond Trading Company (DTC) in January this year, the Rs 2,000 crore Gitanjali Group has set its eyes on DTC's Nakshatra brand, as the latter is expected to invite bids from leading jewellery retailers for take over in 2008.

The group, with big names like Asmi, D'damas, Sangini and Gili under its belt, presently holds the marketing rights for the Nakshatra brand, and is aiming for a complete takeover in the next two years.

Earlier this week, the company showcased its new brand 'Desire Lifestyle' and unveiled a unisex collection of fashion accessories including 'Revv', for which it has roped in dashing model-turned-actor Upen Patel as the brand ambassador.

The company also disclosed its plans for retail expansion and said it will launch a range of fashion jewellery -- Papillon, Bella, Cinzia -- within the next fortnight.

''We are going to flood the market with the new collections under the 'Desire' logo this festive season. Our much awaited 'Bollywood Gold' collection will also be launched before Diwali,'' the company's Vice President (Marketing and Sales) Rahul Vira told UNI at the launch.

Mr Vira said the company will set up one retail store in Chandigarh and two in Bangalore by next month.

''The investment will vary between Rs 2-5 crore. We also plan to set up atleast three multi-brand retail stores in Delhi in a months time.'' The Revv collection with jewellery pieces like ear studs, bracelets and lockets in sterling silver and steel accesories is priced at Rs 3,000 to Rs 15,000.

The company has planned a Rs 5 crore spend for marketing 'Revv'.

Targeted at the metrosexual male, the Revv collection features men's wedding bands, bracelets and cuff links.

'Desire' will also provide the best of branded jewellery, watches and other lifestyle accesories under one roof.

Besides, the company has unveiled the 'Vivaah Diamond Jewellery' collection as part of its tie-up with Sooraj Barjatya's for the film 'Vivaah' starring Amrita Arora and Shahid Kapoor and launched ezeediamonds.com, an online diamond store and diamond price index, for buying and selling loose one carat diamonds in IGI sealed packs.

UNI