Gitanjali Group to invest in reviving wholesale jewellery biz.
Gitanjali Group, owner of British jewellery brand Alfred Terry, has acquired a 100% stake in wholesale jewellery business Abbeycrest Thailand, which filed for administration last year.
The Gitanjali Group is a major global jewellery force with money to invest in the rebooting of Abbeycrest, which has had long documented troubles with financing. In the six months to September 30 it posted sales up 32% to Rs. 7,313cr (£829m).
Despite last year’s financial troubles at Abbeycrest, the Gitanjali Group obviously sees potential in the business. Abbeycrest customers were informed of the acquisition on Wednesday.
The acquisition of Abbeycrest Thailand is part of a wider repositioning and growth at the Alfred Terry Group. As well as repositioning its main Alfred Terry line since being bought out by the Gitanjali Group it has also acquired Leading Italian Jewels (LIJ), a group of luxury Italian jewellery brands Valente, Stefan Hafner, Nouvelle Bague, Io Sì and Porrati, which it has plans to distribute and grow worldwide, including in the UK.
Gitanjali Group European chief executive Steve Wright, who is based in London, was brought into the group in October to head up Gitanjali’s European operations including Alfred Terry, which includes Gitanjali’s Lifestyle brands and collections, the group’s luxury division LIS and now Abbeycrest on a global scale, and to head up Gitanjali Group’s operations in Europe. He had previously spent five years at Swarovski where he was responsible for starting the franchise business in the UK and heading up sales and operations.