PC Jeweller has acquired premium bridal gold jewellery brand ‘AZVA’ from the World Gold Council (WGC) for an undisclosed amount. In a filing to the BSE today, PC Jeweller Ltd announced the “acquisition of the ‘Azva’ brand, through one of its wholly owned subsidiaries, from the World Gold Council”. In 2012, the World Gold Council had launched AZVA, India’s first concept-based gold bridal jewellery brand, to demonstrate the potential of the branded gold jewellery segment in India, it added. “It’s a good brand. We were selling this brand through our retail stores. We have acquired this brand to increase our presence in the wedding jewellery segment,” PC Jeweller MD Balram Garg told PTI. The company expects that the acquisition of this brand would boost its revenue and profit, he added. Garg did not disclose the acquisition value. AZVA CEO Vipin Sharma said this brand is being sold by more than 100 retailers in 30 cities. “After the acquisition of this brand, P C Jeweller will manage the entire supply chain. We will take this brand in a bigger format and in more cities,” Sharma said. Delhi-based PC Jeweller has 59 retail stores across the country. The company’s standalone net profit increased to Rs 321.82 crore in the April-December period of this fiscal from Rs 258.09 crore in the year-ago period. Income from operations increased to Rs 5,360.72 crore for the nine months ended December against Rs 4,328.32 crore in the year-ago period. During 2014-15 fiscal, the company had posted a net profit of Rs 378.22 crore over a turnover of Rs 6,348.51 crore. The company’s share price closed at Rs 396.90 apiece on the BSE, down 1.60 per cent.
Source: Economic TimesPC Jeweller acquires WGC’s bridal gold jewellery brand ‘AZVA’.
Industry: Retail 2016-02-23
