Renaissance Jewelry acquires JBR, Inc., US for US$ 40mn
Renaissance Jewelry New York (RJNY), wholly-owned subsidiary of Renaissance Jewellery Ltd., has acquired the business and assets of JBR Inc. for approx. US$ 40 million.
JBR Inc., catering to major US jewellery retail chains, has revenue of over US$ 70 million. Apart from receivables and inventory, JBR has also transferred its vendor id, copyright and trademarks to RJNY. RJNY also stands to gain from access to the former’s clientele which includes J.C.Penney, Sears, Kohl’s, Zales, Sterling Jewelers, Fred Meyer and Mervyns. The acquisition includes a 8,000 sqft. office in New York, staff and design studios in Hong Kong.
“We believe that this acquisition will consolidate our position in the US market, giving us access to most large retailers. Such a step will help us cater to various segments, besides providing higher realizations.” said Mr. Sumit N.Shah, MD, Renaissance Jewellery Ltd.
Sourced From: Concept Public Relations India Pvt. Ltd
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