Kalyan Jewellers to buy remaining 15% stake in Candere

4 Jun 2024 , 01:14 PM

Kalyan Jewellers India announced on Monday the signing of a definitive deal with Rupesh Jain, creator of www.candere.com (Enovate Lifestyles Pvt. Ltd), to buy his remaining 15% stake in Candere, a subsidiary of Kalyan Jewellers. Candere will become a wholly-owned subsidiary of Kalyan Jewellers after this equity acquisition for ₹42 Crore, as the company transitions from e-commerce to omni-channel commerce.

Kalyan Jewellers purchased a controlling stake in the company in 2017 as part of its expansion into the e-commerce space. Candere had an annual revenue of ₹130.30 Crore in FY2023-24. Candere has been a part of the rapidly expanding affordable and accessible jewellery industry since 2013. Since being acquired by Kalyan Jewellers in 2017, the brand has steadily grown in terms of offers, consumer preference, and presence in leading marketplaces.

Candere has made a strategic shift to omni-channel commerce during the last sixteen months to meet rising consumer demands. In line with this change, experienced talent is being inducted at both the operational and management levels. Candere opened 11 physical showrooms across the country last fiscal year, and it plans to quadruple its offline presence this fiscal year.

T S Kalyanaraman, Managing Director of Kalyan Jewellers, commented on the announcement, saying, Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to customers’ changing needs. Candere is thrilled to explore an emerging market niche in the jewellery business, with an emphasis on lightweight, fashion-forward, and universally appealing designs.

Rupesh Jain, Founder of Enovate Lifestyle, added, that Candere benefited greatly when Kalyan Jewellers joined on board roughly seven years ago. I am confident that Candere will continue to shine and consolidate its distinctive place in the hearts of Indian consumers as it enters the next phase of expansion.

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