Australian company - The Jewellery Group, which owns 102 Zamels and 27 Mazzuchelli stores has entered into a sale with Indian jewellery company M Suresh. According to reports the deal is said to be worth around $18-$19 million. Also, according to reports, the company considers this sell out as a a positive step, to further invest and grow the business, something quite opposite of usual business sell outs where the shops shut down and people are rendered jobless. TJG operates 102 Zamels stores nationally and 27 Mazzuchelli stores across Western Australia, South Australia and the ACT.

According to the deal, TJG’s senior management team remains unchanged, with Adrian Murphy continuing as CEO and Lachlan Gunn as chief financial officer. The company will remain headquartered in Adelaide.

The partnership is being looked upon as an opportunity of applying a combination of M Suresh’ extensive industry resources with TJG’s rich network of retail stores to expanded market share and ensure future growth, reports add.