Gitanjali Group acquires Nirvana and Viola
Jewellery major Gitanjali Group has acquired two well known Indian jewellery brands, Nirvana and Viola through its subsidiary Spectrum Jewellery Ltd. Both the acquired brands have a dominant presence in modern retail formats across the country and will complement Gitanjali's existing portfolio of brands and enhance its retail presence. Nirvana is a 15 year old diamond jewellery brand and is sold through over 106 shop-in shops across the country, particularly in the West and South which together account for 70 per cent of its revenues. The brand also owns one standalone store with own manufacturing unit in Mumbai. Viola is present in 60 shop-in-shops mainly in the North and West. Gitanjali Group chairman and managing director Mehul Choksi said the acquisitions would help to expand the portfolio of brands it offers to consumers and deepen penetration in the market. "Over time, we aim to enhance the brand value of both Nirvana and Viola while transforming them into retail brands by exploring formats of own stores and franchisee stores," he said.