Gitanjali Gems has acquired DIT Group SpA, which owns brands like Stefan Hafner, for $11 million
Leading jewellery brand Gitanjali Gems said it has acquired Italy-based jewellery firm DIT Group SpA, which owns brands like Stefan Hafner, for $11 million.
“We have acquired DIT Group Spa for $11 million,” Gitanjali Gems managing director Mehul Choksi told PTI.
DIT, a unit of Dubai-based jewellery group Damas International, had filed for bankruptcy and was under liquidation process with Civil Court of Alessandria in Italy.
“The liquidation process has been completed and we have got permission to officially acquire the assets of DIT Group Spa,” he said.
“Along with DIT Group Spa, Gitanjali has acquired its operating vehicle ‘BLU Srl’, which was set up to help the four brands [Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague] keep working when DIT had sought to restructure debt,” he said.
Choksi further said that there is good brand equity of these brands in Italy and the takeover of the company will help Gitanjali with DIT’s Italian techniques and creativity for high-end products.
Gitanjali has brands such as Nakshatra, Asmi, Gilli and D’Damas.
On Tuesday, Gitanjali Gems ended 1.64% up at Rs297.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.23% to 18,308.66.
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