Gitanjali draws Rs 100cr plan to enter luxury retail

New Delhi, Mar 29 (UNI) Gitanjali Group, Hyderabad-based leading diamond and jewellery manufacturer, has drawn a Rs 100 crore outlay to foray into the domestic luxury retail segment, which includes setting up malls in eight cities.

The group will enter the one-billion-dollar segment through its new venture, Luxury Connexions, which will also establish retail stores across the country besides acquiring and sourcing international brands.

''We are a jewellery major in the country and are now planning to put up all our jewellery brands under one space to give the consumers a complete experience. Luxury Connextions is a service company which will offer all essential services to international luxury brands to come to India,'' Gitanjali group Chairman Mehul Choksi told reporters here today.

''We are in talks with most major overseas companies, but do not wish to divulge the details. The association can be in any form including partnerships and franchisee,'' he added.

Luxury Connextions and Lifestyle Group CEO Guarav Marya said the group will be announcing a takeover of international brand in health and beauty segment in a month's time.

The Rs 100-crore-investment will be put in by the group in 2-3 years time frame.

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