Kalyan Jewellers Acquires Remaining Stake in Candere

Kalyan Jewellers India Ltd. has taken a significant step in expanding its footprint in the jewellery market by acquiring the remaining 15% stake in Candere, an online jewellery platform operated by Enovate Lifestyles Pvt. Ltd.

Post By : IJ News Service On 07 June 2024 1:15 PM

Kalyan Jewellers India Ltd. has announced a definitive agreement with Rupesh Jain, the founder of Candere (operated by Enovate Lifestyles Pvt. Ltd), to acquire his remaining 15% stake in the company. This acquisition, valued at Rs. 42 crore, will make Candere a wholly owned subsidiary of Kalyan Jewellers. The move is part of Kalyan Jewellers' strategy to shift Candere from an e-commerce focus to an omnichannel retail model. Kalyan Jewellers initially acquired a majority stake in Candere in 2017 to expand its presence in the online jewellery market. For the fiscal year 2023-24, Candere reported an annual revenue of Rs. 130.3 crore.

Since its inception in 2013, Candere has carved out a niche in the affordable and accessible jewellery market. After joining the Kalyan Jewellers family in 2017, Candere has seen consistent growth in product offerings, customer loyalty, and visibility on major online marketplaces. Over the past sixteen months, Candere has begun transitioning to an omnichannel commerce model to better meet evolving consumer preferences. This strategic shift has been supported by the addition of experienced professionals at both operational and management levels. In the last fiscal year, Candere opened 11 physical showrooms across India and plans to significantly expand its brick-and-mortar presence in the coming year.

T S Kalyanaraman, Managing Director of Kalyan Jewellers, expressed enthusiasm about the acquisition, stating, “Kalyan Jewellers has shown its capability to grow a hyper-local consumer brand with scale while adapting to customer needs. With Candere, we are eager to tap into a growing market segment within the jewellery industry, focusing on lightweight, fashion-forward designs. We appreciate Rupesh Jain's dedication to building Candere and are confident that the brand will achieve greater heights with a strong retail presence and omnichannel approach.”

Rupesh Jain, the founder of Enovate Lifestyle, reflected on the journey, saying, “Candere's evolution has been a remarkable adventure filled with learning and value creation. The partnership with Kalyan Jewellers over the past seven years has been instrumental in Candere’s success. As Candere moves into this next growth phase, I believe it will continue to shine and strengthen its unique position in the hearts of Indian consumers.”

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