On November 20, 2024, AS Grenardi Group (hereinafter – Group) entered into a contract for the acquisition of 100% of shares of the jewellery retailer SIA Julars, which operates jewellery retail chain GOLDLIGHT. After the acquisition the company SIA Julars will be renamed to SIA GOLDLIGHT (hereinafter – GOLDLIGHT).

GOLDLIGHT is a Latvian company with over 20 years of successful operations and is a well-known brand in Riga. GOLDLIGHT has 10 retail stores across 7 largest shopping malls in Riga as well as an online store. Revenue of GOLDLIGHT in 2023 amounted to EUR 2.3 million (excluding VAT).

Ainārs Spriņģis, Chairman of the Board of AS Grenardi Group, stated: “This acquisition is a significant step forward for AS Grenardi Group, as it enables us to leverage the experience of GOLDLIGHT retail network and strengthen our presence in Riga, as well as realize cost synergies and enhance operational efficiency by combining resources and processes. The execution of this transaction affirms our commitment to growth and delivering greater value to our stakeholders.”

The acquisition of GOLDLIGHT represents a significant milestone in Group’s long-term strategy for growth and market leadership. This transaction is aimed at reinforcing the Group’s competitive position within the Latvian market while delivering substantial operational and financial advantages. By integrating GOLDLIGHT’S operations into Group’s established framework, the Group plans to achieve meaningful synergies, with a particular focus on realizing cost advantages through scale and streamlining processes. This integration is expected to optimize resource allocation, capitalize on economies of scale, and strengthen overall operational efficiency. The acquisition underscores Group’s commitment to sustainable expansion, driving stakeholder value while further solidifying its position as an industry leader.

About Grenardi Group

AS Grenardi Group is the parent company of GIVEN and GRENARDI in the Baltics as well GOLDLIGHT in Latvia. As of November 20, 2024, AS Grenardi Group operates a total of 91 stores – of which 74 GIVEN chain stores, 7 GRENARDI chain stores and 10 GOLDLIGHT chain stores. Additionally, the Group has six online stores: www.given.lv, www.given.ee, www.given.lt, www.grenardi.lv, www.grenardi.ee and www.goldlight.lv. 

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.

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.

GOLDLIGHT is a well-known jewellery retailer in Riga, Latvia that offers its customers with wide assortment of gold, silver and diamond jewellery as well as brands such as Nomination, Ti Sento, Mirco Visconti and others.

Dāvis Cēderštrēms
Deputy CFO
info@grenardi.group
Tel: +371 67 796 000