Renaissance Jewellery, a diamond jewellery manufacturer, has acquired the business and assets of JBR, a jewellery wholesaler based in New York for a total consideration of $40 million through its subsidiary “Renaissance Jewelry New York” in US.
JBR having a total annual sales of $70 mn is likely to add to the company's turnover and net profit substantially.
“As of now we were selling directly to our retail customers in the US like Walmart from India. But, the acquisition of JBR will give us a competitive edge in addition to help us consolidate our business in the world's largest jewellery sales market,” said Sumit Shah, managing director of Renaissance Jewellery. (Business Standard)