Kalyan Jewellers Announces Purchase Of The Remaining 15% Stake In Candere

On June 3, 2024, Kalyan Jewellers India Limited made an official announcement about the final deal with Rupesh Jain, the Founder of Candere (operated by Enovate Lifestyles Pvt. Ltd), to purchase the remaining 15% stake in Candere. This acquisition, valued at ₹42 crore, will transition Candere into a fully owned subsidiary within the Kalyan Jewellers family. Initially, Kalyan Jewellers obtained a majority share in 2017, stepping into the e-commerce market. For the fiscal year 2023-24, Candere reported a revenue of ₹130.3 crore.

Since its establishment in 2013, Candere has emerged as a critical player in the budget-friendly and accessible jewellery market. The acquisition by Kalyan Jewellers in 2017 has contributed to the brand’s consistent enhancement in product range, customer preference, and visibility on leading online platforms.

In the past 16 months, Candere has effectively shifted towards an omnichannel commerce approach to meet consumers’ evolving demands. This strategic reorientation has been supported by recruiting skilled professionals across various levels of operations and management. In the last financial year, Candere expanded its physical footprint by opening 11 new showrooms nationwide.

Commenting on the announcement, Mr T S Kalyanaraman, Managing Director of Kalyan Jewellers, said, “Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to customers’ evolving needs. With Candere, we are excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward, and universally appealing designs. We thank Rupesh Jain for his passion and commitment to shaping a unique position for Candere. We believe the next growth phase will be best captured with a significant retail presence and a strategic pivot to omnichannel commerce.”

About Kalyan Jewellers

Kalyan Jewellers, headquartered in Thrissur, Kerala, is one of India’s premier jewellery retail giants. It is also extending its reach to the Middle East. Kalyan Jewellers offers a wide selection of traditional and modern jewellery pieces in gold, diamonds, and other precious stones, aimed at meeting the varied preferences of its clientele. With over 250 showrooms spread across India and the Middle East, Kalyan Jewellers commands a significant retail presence, covering a total retail space of over 765,000 sq. ft.

On June 4, 2024, the share price of Kalyan Jewellers opened at ₹394.00, touching the day’s high of ₹399.00 as of 02:45 PM on the NSE

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.