Gitanjali Gems Ltd has informed that the Company has acquired Rogers Ltd. Inc., a retail jewelry chain in United States.
The Company has acquired 100% stake in this specialty retailer, which operates 46 stores in US with current revenues equivalent to USD 80 Million. Rogers Ltd. Inc. is headquartered in Middletown, Ohio and operates under brand names Rogers Jewelers and Andrews Jewelers.
As a privately held, family owned Company, Rogers Ltd., Inc. was originally founded in 1920 and since then it has grown front a one store operation to a Company with 46 stores. Rogers is a mall based jeweler appealing to a target customer of middle aspirations to middle upper income mass affluent consumers, who value quality and long standing relationships with trusted family jewelers.
The growth of this Company over the years comes from an unwavering commitment to high quality jewelry, trust, integrity and financial stability.
This acquisition by Gitanjali in organized US jewellery market is a landmark step for the industry and a significant step towards moving up the industry value chain, which will offer a range of synergies to Gitanjalis existing operations. Gitanjali will not only have access to a large US consumer base, but leveraging Rogers existing retail infrastructure will give Gitanjali a better control over the entire value chain in the jewelry business.
By way of this acquisition Gitanjali has taken one more step ahead in the direction of getting control over in the value chain, which will boost the Companys plans to expand its retail presence in India and overseas.
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