Stake consolidation as part of strategic pivot from e-commerce to omnichannel commerce
Mumbai, 4 June 2024: Kalyan Jewellers India Ltd. announced the signing of the definitive agreement with Rupesh Jain, Founder of www.candere.com (Enovate Lifestyles Pvt. Ltd) to acquire his residual 15% in Candere, a subsidiary of Kalyan Jewellers. This stake acquisition for consideration of Rs. 42 crore will result in Candere being a wholly owned subsidiary of Kalyan Jewellers, as it pivots from e-commerce to Omni channel commerce. Kalyan Jewellers had acquired a majority stake in the company in 2017 as part of its foray into the e-commerce business. Candere recorded an annual revenue of Rs. 130.3 crore in FY2023-24.
Candere has been part of the fast-growing affordable and accessible jewellery segment since 2013. Following its acquisition by Kalyan Jewellers in 2017, the brand has made steady progress in terms of its offerings, customer preference and presence in leading marketplaces. Over the last sixteen months, Candere has embarked on a strategic pivot to omni-channel commerce in line with emerging consumer needs. Aligned to this transition, experienced talent is being inducted both at operational and at management levels. During the course of the last fiscal, Candere launched 11 physical showrooms across the country and is looking at quadrupling its off-line presence during this fiscal.
Commenting on the announcement, Mr. T S Kalyanaraman, Managing Director, Kalyan Jewellers said, “Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to the evolving needs of customers. 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 in shaping a unique position for Candere and believe that the next phase of growth will be best captured with a significant retail presence and a strategic pivot to omnichannel commerce.”
Rupesh Jain, Founder of Enovate Lifestyle added, “The candere journey has been a lifetime adventure, filled with immense learning and unparalleled value creation. In many ways, it is a reiteration of the adage, ‘dreams do come true’. Candere benefitted enormously when Kalyan Jewellers came on board about seven years ago. As it embarks on the next phase of growth, I am sure that Candere, true to its name, will continue to shine and consolidate its special place in the minds of the Indian consumers.”
