The decision comes amidst inimical circumstances as CaratLane reported a 5% year-on-year decline in net profit, which fell to Rs 78.59 crore for the fiscal year 2023-24, down from Rs 82.08 crore the previous year
MUMBAI: Avnish Anand has stepped down as the Managing Director (MD) and Chief Executive Officer (CEO) of CaratLane, the Tata-owned omnichannel jewellery startup. Anand announced his resignation in a LinkedIn post on August 30, citing a need to reprioritise his life and pursue other interests as the driving factors behind his decision.
In his post, Anand shared, “After more than 13 years across two tenures with CaratLane, my journey with the company has come to an end.” He explained that his resignation was motivated by a desire for better work-life balance and a need to address personal aspirations that had been put on hold. “Building a business requires immense sacrifice, often pushing work-life balance aside. Now, I am seeking a more balanced life and wish to focus on other passions while I still can.”
Anand, who rejoined CaratLane in 2015 as head of product, had been promoted to CEO just last year following the departure of cofounder Mithun Sacheti, who sold his shares to Titan Company Limited, a subsidiary of Tata Group. Anand’s tenure included guiding CaratLane through a period of significant change and growth.
During Anand’s leadership, CaratLane reported a 5% year-on-year decline in net profit, which fell to Rs 78.59 crore for the fiscal year 2023-24, down from Rs 82.08 crore the previous year. This decline was attributed to increased expenses, despite a substantial 41% rise in operating revenue, which reached INR 3,080 crore.
In August 2023, Titan increased its stake in CaratLane by acquiring an additional 27.18% for INR 4,621 crore, valuing the company at nearly INR 17,000 crore. Titan further acquired the remaining 0.36% stake in February 2024 for INR 60.08 crore.
Anand’s departure marks the end of a significant era for CaratLane as the company continues to evolve under Titan’s ownership.
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