US-based private equity firm Advent International to acquire Orra Fine Jewellery, say media reports

Orra will go public under the private equity firm which will also take over the management and voting rights as per the agreement

Mumbai: US-based private equity firm Advent International is in advanced talks to acquire a majority stake in Orra Fine Jewellery. According to sources, the deal with the fine jewellery brand, previously owned by Rosy Blue Group, an Indian diamond manufacturer and retailer, is expected to be valued at Rs 1,500-1,750 crore and reflects strong investor interest in India’s jewellery retail sector. 

“Advent is in the final stages of negotiations to acquire a controlling 51-75% stake in Orra. The company’s Managing Director, Dipu Mehta, will retain a minority stake,” a source familiar with the matter was quoted as saying by financial daily, the Economic Times. According to another industry executive, the negotiations are now in the documentation phase, pending an official announcement. 

Orra will go public under the private equity firm which will also take over the management and voting rights as per the agreement. 

The company has undergone several leadership transitions in recent years since 2015-16, when long-time CEO and MD Vijay Jain stepped down, and Russell Mehta sold his stake to Dubai-based Dipu Mehta. The former retains quasi-equity instruments, though voting rights will transfer to Advent as part of the transaction. 

Facing competition from emerging brands and lab-grown diamonds, Orra has been actively seeking capital to expand domestically and internationally. Industry insiders noted that Orra faced operational challenges after 2013 and with the help of external advisors, changes were implemented to improve the performance.  

In FY24, Orra reported a 23.5% increase in revenue to Rs 1,156 crore, up from Rs 936 crore the previous year. However, the company incurred a loss of Rs 11 crore, ending a three-year streak of profitability. 

The jewellery retail market in India has been experiencing heightened activity. In August 2023, Tata Group’s Titan acquired a 27.18% stake in CaratLane for Rs 4,621 crore ($536 million). Several other players, including venture-backed Bluestone, have since pursued fundraises or IPOs. 

The trend extends globally as well, with private equity and venture capital showing keen interest in jewellery brands. For Advent International, which manages over $90 billion in assets, Orra aligns with its focus on consumer-facing businesses worldwide. The firm has previously invested in notable brands such as Lululemon and Zimmerman’s Jewellery. 

Retail Jeweller India News