Kalyan Jewellers India has signed a definitive agreement with Rupesh Jain, founder of Candere (Enovate Lifestyles Pvt. Ltd), to acquire his remaining 15% stake in Candere, a subsidiary of Kalyan Jewellers. This transaction, valued at INR 42 crore, will make Candere a wholly owned subsidiary of Kalyan Jewellers as it transitions from e-commerce to omni-channel commerce.
Kalyan Jewellers acquired a majority stake in Candere in 2017 to expand into the e-commerce sector. In FY2023-24, Candere reported an annual revenue of INR 130.3 crore. Since its inception in 2013, Candere has been a key player in the rapidly growing affordable and accessible jewellery segment. Following its acquisition by Kalyan Jewellers, the brand has steadily enhanced its product offerings, gained customer preference, and increased its presence in leading marketplaces.
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Strategic Shift to Omni-Channel Commerce
Over the past sixteen months, Candere has strategically pivoted to omni-channel commerce to meet emerging consumer needs. To support this transition, experienced talent has been brought in at both operational and management levels. In the last fiscal year, Candere launched 11 physical showrooms across the country and plans to quadruple its offline presence in the current fiscal year.
Commenting on the announcement, T S Kalyanaraman, Managing Director of Kalyan Jewellers, stated, “Kalyan Jewellers has shown its capacity to expand a hyper-local consumer brand to substantial size and scale while staying agile to evolving customer needs. With Candere, we are thrilled to explore an emerging market segment within the jewellery industry, concentrating on lightweight, fashion-forward, and universally appealing designs. The next phase of growth will be best achieved with a significant retail presence and a strategic shift to omnichannel commerce.”
Rupesh Jain, Founder of Enovate Lifestyle, added, “Candere has greatly benefited since Kalyan Jewellers joined us about seven years ago. As it enters the next phase of growth, I am confident that Candere will continue to shine and solidify its unique position in the minds of Indian consumers.”
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