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Rajesh Exports acquires jewellery retailer OyzterBay
Bangalore, Mar 16 (UNI) Making its foray into retail jewellery market, Rajesh Exports Limited (REL), the largest gold jewellery manufacturer and distributor in the world, today announced acquisition of leading Indian branded jewellery retailer Oyzterbay.
The retail business would be handled by a separate subsidiary which would have a total investment of Rs 100 crore, Rajesh Exports Chairman Rajesh Mehta told newspersons here today. REL had acquired Oyzterbay for a cash consideration of Rs 11 crore and 20 per cent stake in the new subsidiary. OyzterBay had in all 36 outlets in 18 cities across the country.
He said the new retail subsidiary would draw from the unique strengths of both Rajesh Exports and OyzterBay to emerge as the most powerful jewellery retailing operation in the country.
Retail Jewellery market in India had been pegged at Rs 75,000 crore and branded jewellery was the fastest growing segment of the market with an annual growth rate of over 30 per cent.
Mr Mehta said the subsidiary would rapidly expand in the Tier II cities and towns. As part of the agreement finalised with OyzterBay, Rajesh Exports would acquire its entire retail business, including its exclusive retail stores, retailing system, management systems, software packages, customer database and other retail assets.
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