Renaissance Jewellery net jumps 30% on robust revenue growth

Mumbai, Nov 5 (PTI) Leading contract manufacturer of studded jewellery Renaissance Jewellery that boasts of global retailers like Monica Vinader, Links of London and Kendra Scott as its top clients, M

Mumbai, Nov 5 (PTI) Leading contract manufacturer of studded jewellery Renaissance Jewellery that boasts of global retailers like Monica Vinader, Links of London and Kendra Scott as its top clients, Monday reported a 30 percent jump in net profit at Rs 22 crore on a revenue of Rs 597 crore during the September quarter.

Commenting on the performance, vice-chairman Sumit Shah said, “studded jewellery contributed 70 per cent of overall revenue for the quarter, while gold jewellery contributed 30 percent of the revenue. Our total revenue grew 56 percent to Rs 597 crore during the quarter.” He said the company netted 46 per cent of the revenue from North America, 42 per cent from the Middle East and the remaining 12 percent from the rest of the world markets.

The US-based Jay Gems, which the city-based had bought in August this year for USD 25.62 million, contributed 16 percent of of the revenue in the reporting quarter, Shah said.

It can be noted that Renaissance had snapped up the US-based Jay Gems, a licensee for Enchanted Disney Fine Jewelry. In 2017, as much as 50 percent of its USD 79 million revenue came in from Enchanted Disney Fine Jewelry, Shah said.

He sounded bullish to grow this brand further as he expects his group’s financial strength and global distribution strength to help grow Enchanted Disney Fine Jewelry brand into a global brand the next five years.

Renaissance, which designs, manufactures and sells branded jewellery across multiple globally, has licensing agreements with marquee brands like Enchanted Disney Fine Jewelry and Heart of Hallmark. That apart it’s a partner for major global retailers including Monica Vinader, Links of London and Kendra Scott.

The company employs over 2,900 people at its eight a manufacturing units in Mumbai, Bhavnagar and Dubai. Six of these units are in Mumbai alone.

This is published unedited from the PTI feed.