Kolkata-based Shree Ganesh Jewellery House Ltd (SGJHL) is looking for acquisitions of brands abroad. According to a top official, the company is already in talks with some European brands and the size of the acquisition would be about $50 million.
“SGJHL is in talks with 12-15 brands in Europe and Middle East for acquisition. Though we have not finalised anything, the size of acquisition would be about $50 million,” said Nilesh Parekh, Chairman, SGJHL. The company is also betting big on overaseas markets as it plans to open duty free shops in airports across the world -- Hongkong, Singapore, Dubai, London, Australia, Newark and Sharjah.
SGJHL, which is one of the leading manufacturer and exporter of hallmarked and handcrafted gold jewellery from India, has charted out a three-fold-growth strategy for its retail expansion through owned, franchisee and shop in shop centres.
“We are becoming a $1 billion company now and are looking for further retail expansion. Our Gaja brand has a strong presence across the country. We are planning to increase the number of stores to 50 this year. Moreover, our plans is to increase presence through 100 more stores,” Parekh said. Launched in 2007, Gaja is a chain of branded concept jewelry outlets.
The company is using Italian machinery for production of Italian fusion jewellery from Mondalpara Unit in West Bengal. “Trial run of Mondalpara unit has already started and commercial production is expected to commence soon,” he said. It is also planning to come up with a jewellery manufacturing school in West Bengal in association with the government.