Kalyan Jewellers to create an expansion plan for Candere, apply brand’s offline expertise to the latter

The brand aims to increase Candere’s contribution to the company’s total revenue, considering the growth potential of a brand that started off online and then expanded to offline stores

Mumbai: Kalyan Jewellers plans to increase the contribution of its Candere brand to its bottom line by adding more physical stores, a number of which are lined up for the coming quarters, a top company official said.

With the launch of more standalone offline stores, Candere, a digital-first brand, aspires to become a destination for lightweight and studded jewellery, particularly appealing to Gen Z and working women, said Ramesh Kalyanaraman, Executive Director, Kalyan Jewellers.

Candere’s e-commerce division clocked revenues of Rs 31 crore in the second quarter of FY23-24, compared to Rs 37 crore in the same period in FY22-23, a decline of 16.21%. But the company is shifting gears, said Kalyanraman.

“Unlike the flagship brand Kalyan Jewellers, Candere is not hyperlocal. It is a brand with standardised products available nationwide,” said Kalyanaraman, and added, “The company’s future outlook involves a synergistic relationship between Kalyan and Candere. Kalyan’s offline expertise will now be applied to Candere’s stores.”

He explained that while Candere currently contributes around 1% to the company’s revenues, its salience lies in its growth potential.

Courtesy: moneycontrol.com