IndiaRetailBiz

Renaissance Retail Venture, a wholly owned subsidiary of studded jewellery exporter Renaissance Jewellery, known for its sterling silver brand Lucera, has decided to sell its existing retail business to Gitanjali Gems, reports Business Standard.

Renaissance had earlier planned to set up 250 stores, most of which were to be shop-in-shop outlets, at capital outlay of Rs. 35 crore. It had even signed up more than 100 properties for its retail expansion and was talking with Cafe Coffee Day, Spykar Jeans and Kingfisher Airlines for cross promotions. In a change of strategy, it now wants to focus on its exports business.

Over a decade old, Gitanjali Gems, an integrated diamond and jewellery manufacturing company, is among the largest integrated manufacturers and retailers of diamonds and jewellery in India. Gitanjali, is known for offering some of best known jewellery brands in India, including, Gili, D’Dams, Nakshatra, Asmi, Facet, Giantti, and Fantasy.

Lucera, a Rs. 438 crore two years old brand of Verigold Jewelry Inc., USA, is currently operating nine flagship stores and 32 ’shops in shop’ store outlets. Lucera, crafted in Sterling Silver, 18K Gold and Diamonds, offers affordable one-of-a-kind jewellery which is colourful, vibrant and stunning.