Gitanjali Gems, today announced the merger of Gems London with Tokyo based Imacbc.
Gitanjali Gems held 30% stake in Gems London through its Hong-based wholly owned subsidiary, Aston Luxury Group.
Currently, Gems London is one of the largest seller of jewellery through its TV channel, Gems TV in Japan. The revenues for FY13 exceeded $90million.
Gems London merged with Tokyo based Imacbc April 1.
After the merger, Imacbc shall become completely integrated company from sourcing raw material from Thailand and China, manufacturing in two facilities in China, to retailing in Japan.
In addition to selling through GemTV, the merged Imacbc plans to expand its existing jewellery retail network in Japan. The combined revenue of consolidated business is expected to more than double in next 2 years.
Imacbc, after Gems London merger with it, becomes the only company in Japan with capabilities of both manufacturing jewellery products and selling them through its own television shopping channel in Japan.
