Mumbai: Jewellery makers Gitanjali Gems said on 19 November it has acquired US-based Rogers Ltd for an unclosed amount.
Gitanjali Gems has acquired a 100% stake in the specialty retailer that operates 46 stores in the US and has a current revenue of $80 million.
“Gitanjali would not only have access to a large US consumer base, but leveraging Rogers’ existing retail infrastructure would give Gitanjali a better control over the entire value chain in the jewellery business,” the company informed the Bombay Stock Exchange.
The acquisition would also boost the company’s plans to expand its retail presence in the country and overseas.
Rogers operates under brand names ‘Rogers Jewelers’ and ‘Andrews Jewelers’.
Shares of Gitanjali Gems were trading at Rs 386.35, up 2.94%, on the BSE in afternoon trade.