Gitanjali Gems Ltd., India’s biggest jewellery retailer, has stepped up efforts to grow and expand all over the world. On those lines, they would complete the purchase of 6 Italian brands within the next 3 years. Chairman Mehul Choksi revealed that the company would acquire 6 Italian companies that would help it acquire 31 percent shares and profits.
It would be interesting to observe if the local Italian jewellery brands would be tampered and “tempered” with the strong curry flavours, which could be an assault on the senses. Italy being the fashion capital of the world, the 6 companies may not be taking a very advisable step by selling themselves to a company with a stronghold in South Asia.
The European market for jewels would be very different from that of what the South Asian consumers prefer. As luxury analysts though, we are more interested in how the acquisitions would affect the luxury market, and if these 6 companies would go out of the luxury market once the acquisition takes place. Right now, you could try and get some of these jewels before they change colours and smells.