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The Gitanjali Group is stepping up its focus in the organised retail segment. The company has acquired a 76 per cent stake in Salasar Retail, a chain of mid-size departmental stores across India and will soon re-brand the Salasar stores as Maya.These outlets will offer jewellery and different lifestyle products including apparel. Gitanjali is expecting to clock a turnover of about Rs 1,000 crore from Maya stores over the next three years, with nearly 70 per cent coming from jewellery sales.
Mehul Choksi, CMD of Gitanjali Group, says that the acquisition would help Gitanjali to expand its retail footprint and grow its jewellery business.
Source