Gitanjali goes extra mile for extra returns

Country’s leading jewellery retailer, Gitanjali Group, is all geared to spread its wings in the form of 20 large format stores by the end of December. Under the label of store format ‘Maya’, the jewellery retailer has earmarked an amount of Rs 100 crores for this purpose.

The stores are mainly to target the audience in Tier III-IV cities. The company will convert the outlets of the retail chain Salasar Retail, in which it acquired a majority 76 per cent stake last year, into Maya. At present, Salasar Retail has 11 stores out of which two are in Delhi and the others are in the cities such as Raipur, Gwalior, Kanpur and Guwahati.

The company also has plans to launch more stores having a target turnover of Rs 1,000 crores in the coming three years. Gitanjali Gems also plans to acquire a leading Italian jewelry house by the end of September.