Gitanjali Gems Ltd, leading jewelers from India have acquired 100% stake in Hong Kong-based Crown Aim Ltd, for an undisclosed amount. The acquisition was done through their wholly owned subsidiary Aston Luxury Group Ltd. Crown Aim has a distribution network for jewelry in place in China, Japan, the USA, the Middle East and Europe. They also run a jewelry manufacturing unit in China and have plans to set up retailing in the country as well. Their subsidiaries Alfred Terry Holding and Alfred Terry Ltd are based in London.
This 45 year old company has a strong distribution network in the UK servicing both the chain stores as well as standalones. They cover nearly 2,000 jewelry shops. The stock prices of Gitanjali Gems climbed 0.61% on the Bombay Stock Exchange immediately after the announcement. The company was incorporated in 1966 and has developed into a leading brand in India in the field of diamond jewelry, retail and lifestyle. The company operates across the USA, the UK, Belgium, Italy and the Middle East, as well as in Thailand, South-east Asia China and Japan.
Earlier this year in February Gitanjali had taken over DIT, the Italian unit of Dubai jewellery maker Damas International that owns brands like Stefan Hafner, IO Si, Roberta Porrati and Nouvelle Bague. The group also owns specialty retail chain in the USA under the brands of Samuels and Rogers. The group has been growing rapidly through aggressive acquisitions. Last year it had acquired Morellato India a licensee of fashion groups in India and Salasar Retail Ltd, a Delhi-based retailer with 10 stores in northern India. It had also acquired Alliance Jewellers Pvt Ltd, a Lebanon-based company and an Indian mobile retail store MobileNXT.