By BL Kochi Bureau Comments READ LATER Kalyan Jewellers India Ltd has announced the signing of the definitive agreement with Rupesh Jain, Founder of www.candere.com (Enovate Lifestyles Pvt.
Ltd), to acquire his residual 15 per cent in Candere, a subsidiary of Kalyan Jewellers. This stake acquisition for consideration of ₹42 crore will result in Candere being a wholly-owned subsidiary of Kalyan Jewellers, as it pivots from e-commerce to omni channel commerce. The company has intimated the share sale agreement to the stock exchanges.
Kalyan Jewellers had acquired a majority stake in the company in 2017 as part of its foray into the e-commerce business. Candere recorded annual revenue of ₹130.3 crore in FY24.
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 16 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. Kalyan Jewellers to launch 33 showrooms by Diwali Kalyan Jewellers Q2 consolidated PAT up 27.
33% a.