Goto your account
Search Stories by: 
and/or
 

News

Articles from DIAMOND JEWELLERY (784 Articles), WATCHES (622 Articles), GOLD JEWELLERY (582 Articles)












Tara Jewels, an Indian jewellery company, is set to acquire a 49 per cent stake in Bevilles
Tara Jewels, an Indian jewellery company, is set to acquire a 49 per cent stake in Bevilles

Indian company to acquire stake in Bevilles jewellers

Indian jewellery company Tara Jewels will acquire a 49 per cent stake in Bevilles, four years after forming a “strategic alliance” with the Australian jewellery retailer.

Bevilles CEO Michelle Stanton told Jeweller the Bevilles family would retain a 51 per cent stake and that the deal was expected to be finalised in the next 12 months.

Stanton explained that the two companies made a “strategic alliance” in 2013; however, it was always intended that this would be converted into an “equity partnership” when the timing was right.

“With the traction Bevilles has experienced, both companies feel the timing is now perfect,” Stanton said.

“We look forward to the ongoing opportunities this partnership will bring. From an operational perspective it will be ‘business as usual’ with our suppliers and in all aspects of the business.”

Michelle Stanton, Bevilles CEO
“We look forward to the ongoing opportunities this partnership will bring.”
Michelle Stanton, Bevilles CEO

A statement addressed to the National Stock Exchange of India and the BSE (Bombay Stock Exchange), and signed by Tara Jewels company secretary Nivedita Nayak, outlined the Indian company’s plan to acquire a stake in Bevilles. 

“The proposed strategic investment would give Tara Jewels access to the highly profitable New Zealand and Australian markets,” it read.

“Post the investment, Tara would be in a position to expand its brand in a new geography,” the statement added.

When asked if this meant that Bevilles would begin to carry Tara Jewels’ branded jewellery, Stanton said both companies would “review and assess potential opportunities”.

Alliance benefits

In announcing the alliance in 2013, Stanton stated that the agreement would “provide Bevilles with a wide range of product, sourcing and operational efficiencies as well as a more enhanced IT infrastructure”.

“It allows Bevilles to have direct relationships with diamond site holders and remove several steps from the product sourcing process,” she added at the time.

As previously reported by Jeweller, Bevilles confirmed in 2013 that it would roll out new-look stores across Australia that placed a greater focus on diamonds, jewellery and watches.

The jewellery chain entered voluntary administration in April 2014 before announcing one month later that the Bevilles family had reacquired the business.

Commenting on the current performance of the “smaller, smarter, new-look” stores, Stanton said: “The new format has been overwhelmingly successful with continued growth and our vision is to grow market share by opening two to three new stores a year.”

She added that 90 per cent of stores had been converted to the new format and that five had opened in the past two years.

Bevilles was founded in 1934 and operates 20 stores across Victoria, NSW and South Australia.

Tara Jewels, which was established in 2006, conducts a vertical business model operating in both the manufacturing and retail channels. The company has two manufacturing facilities in India and China, three design studios in India, China and the US and six sales/distribution offices in Australia, the US, China and Europe.

More reading
Indian company joins Bevilles, stores to close
Bevilles Jewellers returns to Melbourne CBD
Bevilles jewellers back in business
Bevilles jewellers enters administration
Bevilles gets a makeover, dumps giftware
Beviles Indian supplier closes own stores




















Sunday, 19 November, 2017 09:17pm
login to my account
Username: Password:
Standard_0317
advertisement
standard_0317
advertisement
(c) 2017 Gunnamatta Media