Shrenuj acquires top jewellery distributor in USA

Mumbai, May 8: Shrenuj&Company, a city-based diamond and jewellery company with consolidated group revenue of Rs 952 crore in FY '06-07, announced today that it has acquired an 80-year-old United States-based Simon Golub&Sons Inc (SGS), one of the top five jewellery distributors.

The company has acquired 84.6 per cent stake in the SGS, which is valued at US 22.7 million dollars. The deal comes close on the heels of Shrenuj expanding its footprints across USA, a release said here.

Shrenuj president (Business Development) Vishal Doshi said ''This acquisition is keeping in line with our future strategy for getting straight to the retailer to build additional margins and have access to first hand information regarding change in fashion trends and consumer preferences. We will be using the massive distribution system of SGS to run various B2C marketing and branding programmes.

With SGS we have an 80-year-old proven track record amongst both retail segments -- chain store representing the mass market as well as independent retailer representing the mom and pop stores.'' ''Shrenuj shares our goals and values, and we have found a team that we believe, will take SGS to greater heights. Our robust inventory management system makes us the preferred supplier of both large chain stores and independent retailers,'' SGS vice president Andrew Harris said.

Shrenuj&Company Limited, a DTC sightholder, has operations spread over India, South East Asia, Far East, Europe and USA.

Besides, it has JVs in USA, Israel and France. It also has pioneered the laser cutting technology in India and remains the technology leader in the segment.

UNI