India firm acquires local jewelry chain
India firm acquires local jewelry chain
Bizjournals.com, NC
A jewelry manufacturer and retailer establishing a presence in the United States has acquired the Rogers Ltd. jewelry store chain.
Gitanjali Gems Ltd. purchased the Middletown-based chain for an undisclosed price. Gitanjali, based in Mumbai, India, said in a news release that it has been acquiring jewelry companies in this country to build a retail network.
Jeffrey Lazarow, the former Rogers chief executive officer who will now hold the title of chairman emeritus, said the acquisition “will allow the Rogers organization to more aggressively compete in today’s marketplace.”
Founded in 1920, Rogers operates 46 stores in 11 states under the Rogers Jewelers and Andrews Jewelers names. Locally, it has stores in The Mall at Fairfield Commons, the Dayton Mall, Towne Mall in Franklin and locations in Xenia and Middletown. The company has 600 employees, including 88 at its Middletown headquarters, according to the story.
The chain will be a wholly owned subsidiary of Gitanjali, but will continue to operate under the Andrews and Rogers names, the company said.
E-mail dayton@bizjournals.com. Call 528-4400.
Add comment November 21st, 2007
