Gitanjali Gems has announced that it is going to acquire 70% stake in Bangalore-based mobile retail chain operator MobileNXT through its wholly-owned subsidiary, Gitanjali Lifestyle (GLL).
GLL has entered into an investment cum shareholder’s agreement with MobileNXT for the same.
MobileNXT is present across 21 stores in southern parts of the country and in tier 2 and 3 cities and its stores are a one-stop shop-offering host of telecom related products and services.
However, as per the terms of agreement all the MobileNXT stores will be reinstated as “Hoop” stores and will display “personal fashion accessory” that offers a wide range of fashion jewellery, watches, eyewear and the latest as well as trendy mobile phones and accessories at affordable prices. The products would be targeted at the youth and young adult both female and male.