The Indian jewellery manufacturer and exporter SB&T International Ltd and global jewellery retailer Gerald Ratner have formed a new company - SB&T International (United Kingdom) Ltd - to distribute the former's products in Britain.
SB&T International would invest around 1 million sterling pounds, through its subsidiary SB&T Mauritius, in the joint venture.
"We will hold 60 per cent stake in the new firm, while the remaining 40 per cent will be held by two individuals, Gerald Ratner and Gary O'Brien," Varij Sethi, managing director, SB&T International, told reporters in Mumbai on Monday.
The UK-based venture would be headed by Gerald Ratner as chief operating officer and Gary O'Brien as chief financial officer, he said.
The new firm would initially focus on online retailing of jewellery and watches, and wholesaling of jewellery at high street stores, Gerald Ratner said, adding the UK market for the products was estimated at 3.45 billion sterling pounds.
"Internet shopping has been the fastest area of retail sector for the last few years. The sale of jewellery online in the UK is underdeveloped and there is an opportunity," Ratner said, adding SB&T (UK) would also use television as the medium for sales.
SB&T International (UK) would source 25 per cent of its requirements from its Indian partner and its product portfolio would comprise jewellery, watches, gold ornaments and fashion accessories in an equal ratio.
Gerald Ratner is the former chief executive of Ratners and Gary O'Brien is its group finance director.