In November AS GIVEN Jewellery entered into a contract for the acquisition of 100% of shares of the luxury jewellery retail chain SIA Grenardi and its subsidiary OÜ Grenardi Group Estonia (jointly referred to as – GRENARDI). AS GIVEN Jewellery currently fully owns SIA GIVEN Latvia, OÜ Given Estonia, and UAB GIVEN Lithuania (jointly referred to as – GIVEN Group). The closing date of the transaction is expected to be December 1, 2023.
Established in the year 2000, GRENARDI has been the leading luxury jewellery retail chain in Latvia and Estonia for more than 20 years. GRENARDI offers an extensive assortment of world-renowned luxury jewellery brands and sophisticated private collections. Currently GRENARDI operates 4 shops in Latvia and 3 shops in Estonia. The retail turnover of GRENARDI in 2022 amounted to EUR 7.1 million (including VAT).
The acquisition of GRENARDI is an organic step in the long-term strategy of GIVEN Group. The main goal of this deal is to strengthen the market position of GIVEN Group, and simultaneously gain synergies from brand awareness, improve collaboration with suppliers, and streamline operational processes. The shared goal of both GIVEN Group and GRENARDI is to be the leading jewellery retailer in the Baltics in both the affordable jewellery and luxury jewellery segments.
The final price of the transaction will be determined on December 1, 2023. The majority of this transaction will be financed by current shareholders by increasing the share capital of AS GIVEN Jewellery. The remaining part is expected to be financed through a combination of new bonds and/or shareholder loans. In accordance with the decisions adopted during the shareholders’ meeting of AS GIVEN Jewellery on 11 November 2023, the share capital will be increased by a total of EUR 6,200,000 until the transaction date (as at September 30, share capital and premium was EUR 1,694,408). More information about the transaction details will follow.
After this acquisition the holding company AS GIVEN Jewellery will be renamed to AS Grenardi Group.
About GIVEN Group
GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.
AS GIVEN Jewellery is the parent company of GIVEN in Baltics. As of November 22, 2023, GIVEN Group operates 75 shops in the Baltics and is the largest jewellery retail chain in the region. In addition, the Group has three online shops: www.given.lv, www.given.ee and www.given.lt.
GIVEN offers jewellery for women, men, and children to bring joyful accents to everyday life and to highlight the most important moments in life, as well as interest-free instalment payments, gold exchange and other services. Read more at: www.givenjewellery.com.
AS GIVEN Jewellery board member