NEW DELHI: Gitanjali Group, the Rs3,000-crore gems and jewellery major, is all set to foray into lifestyle retail and plans to set up its own malls with a focus on luxury segment.
Gitanjali Group may possibly set up a separate company, 'Gitanjali Lifestyle' for this purpose, with an initial investment of over Rs 100 crore and is likely to announce the same in coming two-three weeks.
Gitanjali Lifestyle would also launch malls for masses, besides luxury malls housing, high-end apparel and accessories brands.
"Fashion is a key focus area for the group which wants to ride on the combination of fashion and jewellery to drive growth. Apart from high-end luxury brands, the group is also looking at retail of fashion brands catering to upper-middle classes," said an industry source.
It is a leading DTC sightholder in India and has brands like Nakshatra, Asmi, Gili, D'Damas, Collection g, Gold Expressions and Vivaha Gold.
Gitanjali Gems has acquired a majority interest in Tri-Star Worldwide last month, a manufacturer and global distributor of Canadia brand diamonds.
It has acquired 97 percent stake in $100-mn US-based jewellery chain, Samuels Jewellers Inc, for Rs200 crore, last December.
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