Gitanjali to increase Gulf presence
Indian jeweller Gitanjali is placing focus on expansion in the Gulf region.
Gitanjanli says it plans to open seven new stores in Dubai over the next seven to eight months, on top of its 10 shops-in-shops in the city.
It also says it will enter other UAE markets, especially Abu Dhabi.
Gitanjali is said to be experiencing a cash crunch after a clampdown in gold imports and depreciation of the rupee and is seeking INR10 billion ($152.2 million) additional funding.
The jeweller saw its net profit for the quarter to June plunge 76.4 per cent to INR351 million ($5.7 million).
Gitanjali also has operations in the US where it has 110 stores and Japan where it has 30 stores.