Mumbai, Apr 26 (PTI) Leading jewellery chain Kalyan Jewellers today acquired the online jewellery firm Candere to augment its presence in the growing online jewellery segment for an undisclosed sum.
Kalyan will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor and as part of the deal the Thrissur-based company will complete a phased acquisition of the equity held by founder promoter Rupesh Jain, apart from investing more into the firm.
The additional investment is primarily to expand Candere’s geographical presence into the growing West Asian market including the UAE, Kuwait and Qatar.
This is Kalyan’ first strategic move of its kind as it continues to pursue aggressive growth plans, both organically and inorganically.
Rajesh Kalyanaraman, executive director at Kalyan Jewellers said, “Candere has built a loyal online customer base with one of the best repeat rates in the business. Its recent foray into Britain and the US will help us augment our ambition of becoming a global brand.
“We believe the online jewellery market offers tremendous growth potential and expect it to contribute 5-7 per cent of our top line over the next five years. The deal will also accelerate contribution of our global revenues,” Kalyanaraman added.
Co-founded by Rupesh Jain in 2013, Candere sells jewellery online in the domestic market, the US and Britain and has a portfolio of over 4,000 designs including a strong offering in the high growth diamond jewellery segment. It offers a wide range of jewellery crafted in gold, diamond and precious stones.
Jain will continue in his role as founder & chief executive, the statement said.
While Candere will retain its present branding, it will be tag-line as ‘powered by Kalyan Jewellers’, Kalyan Jewellers said in a statement.
Post-investment, Kalyan plans to launch some of its popular brands and sub-brands like Glo, Antara, Anokhi, Nimah, through Candere.
Kalyan has 105 showrooms and distributed supply chain across the country and West Asia and plans to double its retail presence over the next three years.
Recently, Kalyan had raised growth capital of Rs 500 crore from global private equity major Warburg Pincus taking the latter’s total investment to Rs 1,700 crore.
This is published unedited from the PTI feed.