Gitanjali acquires Nakshatra, Brightest Circle for Rs 100 cr

Gitanjali group has acquired Nakshatra brand along with Brightest Circle Jewellery Pvt Ltd for Rs 100 crore, said Anuj Rakyan, vice president, commercial.

Nakshatra was owned by Diamond Trading Co, while Brightest Circle held the manufacturing, distribution, and marketing rights of the brand.

Gitanajli plans to invest another Rs 100 crore in the brand over the next two years.

The company plans to expand Nakshatra as a jewellery and lifestyle brand with the launch of accessories like designer bags, watches, and belts that it hopes will being in revenue of Rs 1,000 crore in five years.

The company plans to have a global presence with the Nakshatra brand and is in talks with a US-based retail company to market the brand in the US.

"We are also in talks with a Chinese company for a partnership or a joint venture arrangement in China to market diamond jewellery," Rakyan said.

Gitanjali shares closed 2.03 per cent down at Rs 430 on the Bombay Stock Exchange on Tuesday.