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Gitanjali sees Rs 1,000-cr business from Wedding Carnival

Gitanjali sees Rs 1,000-cr business from Wedding Carnival
PTI
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First Published: Thu, Apr 21 2011. 05 57 PM IST
Updated: Thu, Apr 21 2011. 05 57 PM IST
Mumbai: Leading jewellery brand Gitanjali Group on Thursday said it is expecting 43% jump in sales at Rs 1,000 crore compared to 2010 from its ongoing annual promotional event.
‘The Great Indian Wedding Carnival´ is an annual promotional event organized by the Group to give “great value to the consumers”.
“We did Rs 700-crore business from the event in 2010,” Gitanjali Group managing director Mehul Choksi said.
In its third year, the carnival began on 8 April and will go on till 15 May 2011, he said, adding this is a mega shopping festival coinciding with the marriage season.
“We have introduced 800 new designs for this year’s event and expect it will benefit both our top line as well as our bottom line,” he said.
The festival offers buyers additional free jewellery and the chance to win an attractive array of free gifts and prizes apart from discounts on making charges, Choksi said.
Gitanjali Group, which recently acquired four Italian brands, is in talks with a few more for acquisition. “We are looking at a few more Italian brands and when something suits us, we will definitely go for acquisition,” he added.
In the domestic market, the company is planning to introduce four new brands in the next 2-3 months, he said.
“We are planning to introduce two more Gili brands, one emerald and diamond brand. We are also planning to launch G brand at entry level, in which the products will be low cost ranging from Rs 5,000-15,000 per piece,” Choksi said.
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First Published: Thu, Apr 21 2011. 05 57 PM IST