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
