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Magazine > Industry News > News Content

Modi: Gitanjali not cutting back in U.S.

4/8/2010 8:07:39 PM

New York -- Gitanjali USA Chief Executive Officer Nehal Modi says the company is shifting its presence away from underperforming U.S. stores to focus on key markets, but that an Indian newspaper's recent report suggesting it is downsizing its U.S. presence was written "out of context."

A recent report in the Indian daily newspaper the Business Standard focused on the manufacturer-retailer's U.S. operations and was headlined "Gitanjali to cut its presence in US Jewellery market." NationalJeweler.com and other U.S. news outlets picked up on the story, which quoted Gitanjali Gems Managing Director Mehul Choksi and indicated that Gitanjali, which owns the Samuels and Rogers Jewelers chains, would cut it presence in "rural retail locations" while expanding its presence at "premium locations."

In an e-mail sent to National Jeweler Wednesday afternoon, two days after the story ran, Modi said the story printed in India was taken "out of context."

"We are actively closing down stores and not renewing leases where we feel the mall is in decline in terms of traffic with little chance of revival," Modi wrote. "We continue to selectively open new stores. The U.S. continues to be a focus for growth and our retail strategy is still very much active. Regardless of the economic downturn, we still fared comparatively well due to our vertical integration model, which has additional, built-in profit layers."

When asked for further details on the "rural" and "premium" locations, Modi would not give geographic locations.

"We are only closing stores in malls with declining traffic," he said. "New openings will be in markets where we have an existing store base and in malls that are prime in terms of traffic and co-tenancy."

The Standard story also stated that Gitanjali is expected to lose $15 million from its U.S. operations this year, a figure that Modi said is inaccurate.

"The $15 million loss figure was for the past fiscal year, which has already ended and had extraordinary write-downs," he said. "We wanted to take the opportunity to clean up our balance sheet. The $15 million does not take into account supply chain profits for our USA retail, which more than exceeded the losses."

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