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Magazine > Industry News > News Content

Report: Gitanjali to scale back some U.S. stores

4/5/2010 7:56:21 PM

Mumbai--Gitanjali Gems, an India-based jewelry manufacturer and retailer, plans to downsize and perhaps also close some of its rural U.S. locations, the Business Standard, an Indian daily business newspaper, reports.

According to the report, Gitanjali, which acquired Samuels Jewelers in 2006 and Rogers Jewelers in 2007, operates a total of 130 jewelry stores in the United States.

The Standard reports that Gitanjali will target underperforming stores in rural areas, downsizing some while likely closing others. Specific stores were not cited in the report, and it was not clear if the changes would apply to Samuels, Rogers or both.

Gitanjali USA Chief Executive Officer Nehal Modi did not immediately respond to request for comment on the report, but Gitanjali's Managing Director Mehul Choksi told the Standard that 18 to 20 rural stores are underperforming and that its U.S. sales total about $130 million.

Gitanjali's U.S. stores account for 13 to 15 percent of the company's annual overall sales. This year, the company expects to lose about $15 million from U.S. operations due to lower sales in rural retail areas, the Standard reports.

While Gitanjali's operations are struggling in rural areas, the company plans to add at least three new jewelry stores every month for the next few months in "premium locations" in the U.S. market, according to the report.

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