Kalyan Jewellers acquires online jewellery company Candere
The first strategic move of its kind on the part of Kalyan Jewellers will augment the presence of the chain in the growing online jewellery segment in India.
The first strategic move of its kind on the part of Kalyan Jewellers will augment the presence of the Thrissur-headquartered chain in the growing online jewellery segment in India. As part of the deal, Kalyan Jewellers will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor.
It will also engage in a phased acquisition of the equity held by founder promoter Rupesh Jain, apart from making a significant investment into the company to drive its next phase of business.
“Candere has built a loyal online customer base in India, with one of the best repeat rates in the business. Candere’s recent foray into UK and USA markets also helps Kalyan augment its ambition of becoming a global Indian brand,” said Rajesh Kalyanaraman, executive director, Kalyan Jewellers.
He said both companies have strong design and manufacturing capabilities, and the synergies therein will help strengthen the offering to existing as well as new customers.
“The integrated offline and online offering will provide customers more flexibility and convenience while enhancing their shopping experience. We believe that the online jewellery market offers tremendous growth potential and expect it to contribute 5-7% to our top line over the next five years. The acquisition will also accelerate contribution of our global revenues,” Kalyanaraman said.
Co-founded by Rupesh Jain in 2013, Candere provides a wide range of jewellery crafted in gold, diamond and precious stones. Jain will continue in his role as CEO. Commenting on the buyout, he said, “Kalyan is a formidable jewellery brand and Candere will be able to scale up rapidly by using Kalyan’s strong supply chain network and physical presence. The integration will also provide up-selling and cross-selling opportunities and bolster revenues.’’