New Delhi, Aug. 10 -- LML Brand Holdings, the brand stewardship arm of LML Group, said Monday it has acquired jewellery brands Asmi and Sangini, marking its foray into the jewellery segment.
LML Brand Holdings, which acquires and re-launches Indian legacy brands with strong consumer recognition, said the acquisition will strengthen the firm's 'Reimagining Legends' philosophy and unlock its next phase of growth through strategic partnerships, innovation and market expansion.
Both brands were previously managed by the now-defunct Gitanjali Gems Ltd. Its former owner, Mehul Choksi, and his nephew, Nirav Modi, allegedly defrauded Punjab National Bank of an estimated Rs 23,000 crore between 2011 and 2018. Legal proceedings and investigations remain ongoing.
Asmi, the diamond jewellery brand, and the Sangini jewellery brand were originally launched by the Diamond Trading Corporation in 2002 and 2004, respectively, and were later managed by the Gitanjali Group. Asmi was endorsed by actor Priyanka Chopra while Sangini was endorsed by Salman Khan and Kareena Kapoor.
In the aftermath of the Gitanjali Gems fraud case, several actors, including Chopra, accused the firm of non-payment of dues and terminated their contract.
LML Brand did not disclose the financial terms of the brand acquisitions.
Yogesh Bhatia, managing director of LML Brand Holdings, said the company believes strong brands need "the right vision" to evolve with changing consumer aspirations.
"Our approach has always been to identify brands that have created a meaningful place in people's lives, preserve the trust and legacy they have built over the years, and help them realise their full potential through the right partnerships and a long-term brand-building strategy," he said.
Published by HT Digital Content Services with permission from VC Circle.