CaratLane posts 73% growth, crosses Rs 2,000 crore revenue mark for the financial year 2023

Avnish Anand, COO and Co-founder, CaratLane, says the brand now aims to reach its next million customers, having reached the 1 million customer mark earlier this year

Omni-channel jewellery brand CaratLane has posted a consolidated revenue of Rs 2,169 crore for the financial year ending March 2023. Though the category saw a huge slowdown in customer sentiment towards the end of the quarter, the financial results show a 73% growth over the brand’s performance last year.

Avnish Anand, COO and Co-founder, CaratLane said, “Our business is built on making jewellery accessible to customers at a PIN code level, and this year our focus has been on ensuring the smooth transition of our customers from online browsing to retail stores or other channels. Apart from this, we also want to solve all jewellery-related needs for our customers, and in the last year, we have launched new services like ear piercing while expanding our old gold exchange, jewellery engraving and jewellery cleaning services.”

“We have an aggressive plan for the coming year. We are excited to reach our next 1 million customers,” Anand added.

Commenting on the results, Mithun Sacheti, Managing Director of CaratLane, said, “Over the past few years, we have experienced consistent growth despite certain unfavourable macro conditions. In FY23, we achieved an impressive growth rate of 73%, delivering a 3-year CAGR of 52%. This year, we have reached several milestones, but the most significant for us has been crossing the 1 million customer mark.”

Currently, CaratLane has 227 stores in 88 cities. Its international business grew at 60% YoY, with a focus on acquiring new customers. The silver business Shaya closed Q4 Rs 8.4 crore with 50% growth over the previous year.

Retail Jeweller India News