Founded in 2008, Caratlane.com was the first Indian retail jeweller to create a full-fledged online store for diamond and gold jewellery. Having led the way, the Caratlane team did not sit back and wait for the market to come to them. They built bridges to encourage consumers from real-world shopping to the virtual experience.
In 2011 the team, led by Mithun Sacheti and Srinivasa Gopalan, won backing from the investment fund Tiger Global and launched Caratlane’s first “experience centres” in Hyderabad and New Delhi. In 2014, the company rolled out its Try-At-Home service, as well as same-day shipping.
Having established the brand, Caratlane opened its first real-world retail outlets, beginning in Bengaluru. Thus, it became one of India’s early omnichannel retailers. In 2016, the Titan Company acquired a majority stake and rechristened the brand CaratLane–A Tanishq Partnership.
To expand its footprint and continue its mission of making jewellery accessible and affordable, CaratLane added a franchise model to its portfolio. In 2018, the company launched Shaya, a silver jewellery brand. The brand’s strength in e-commerce enabled it to begin serving international consumers, shipping to six locations overseas. In 2019 it marked a major milestone, opening its 100th real-world store, in Bandra, Mumbai.
The COVID-19 pandemic appears not to have interrupted this success story. The retailer adopted fast with Caratlane LIVE, a video calling service for its customers, and the real-world chain continued to grow. It stands at 150 outlets now and counting. In 2021, CaratLane turned profitable.
What new territories in jewellery retail will Mr Sacheti’s omnichannel champion conquer? Time will tell, no doubt very soon!
Courtesy: Retail Jeweller India
