Kalyan Jewellers acquires remaining 15% stake in Candere 

Candere, a prominent player in the affordable and accessible jewellery segment since 2013, has seen steady growth under Kalyan Jewellers’ majority ownership since 2017

Thrissur – Kalyan Jewellers India Ltd. has made a significant move in its business strategy, announcing the acquisition of the remaining 15% stake in Candere, a subsidiary of Kalyan Jewellers, from Rupesh Jain, Founder of Enovate Lifestyles Pvt. Ltd. The acquisition, valued at a total consideration of Rs 42,00,00,000 (Rupees Forty-Two Crores), will be paid in 3 tranches. This transaction solidifies Candere as a wholly owned subsidiary of Kalyan Jewellers, marking a strategic shift from e-commerce to omnichannel commerce. 

Candere, a prominent player in the affordable and accessible jewellery segment since 2013, has seen steady growth under Kalyan Jewellers’ majority ownership since 2017. With an annual revenue of Rs. 130.3 crore in FY2023-24, Candere has strengthened its market presence and customer preference, especially in leading online marketplaces. 

Over the past sixteen months, Candere has strategically transitioned towards omnichannel commerce to adapt to evolving consumer needs. This transition has involved the recruitment of experienced talent at operational and management levels, and the launch of 11 physical showrooms across India in the last fiscal year. The company aims to quadruple its offline presence in the current fiscal year. 

T S Kalyanaraman, Managing Director of Kalyan Jewellers, expressed his enthusiasm for exploring the emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward, and universally appealing designs. He thanked Rupesh Jain for his dedication and vision in shaping Candere into a unique brand and emphasized the importance of a significant retail presence and a strategic shift to omnichannel commerce in driving future growth. 

Rupesh Jain, Founder of Enovate Lifestyle, reflected on the journey of Candere, highlighting the immense value created and expressing confidence in the brand’s continued success in the Indian market. 

Enovate Lifestyles Private Limited, originally incorporated as Enovate Information Technologies Private Limited on December 31, 2010, under the Companies Act, 1956, underwent a name change to Enovate Lifestyles Private Limited on June 11, 2012. The company operates in the e-commerce sector, specializing in the retail sale of jewellery. Over the past three years, its turnover has seen fluctuations, with figures of 1303.47 million, 1567.26 million, and 1412.16 million as of March 31, 2024, March 31, 2023, and March 31, 2022, respectively. 

The acquisition of the remaining stake in Candere marks a strategic milestone for Kalyan Jewellers, as it reinforces its commitment to adapt to evolving consumer trends and expand its presence in the jewellery market through omnichannel commerce. 

Retail Jeweller India News