Jewellery maker and retailer Gitanjali Gems Ltd has bought US-based jewellery chain Rogers for $18.5 million, its top official said on Monday.
“A further investment of $20 million will be made,” Chairman Mehul Choksi said.
The Indian firm bought the entire stake in Rogers, which operates 46 stores and had revenue of about $80 million, it said in a statement.
In December 2006, Gitanjali had bought a 97 per cent stake in another US-based retailer, Samuels Jewelers Inc. (ET)