Kerala-based Kalyan Jewellers today announced the acquisition of online jewellery firm Candere.
Kerala-based Kalyan Jewellers today announced the acquisition of online jewellery firm Candere. The company said the acquisition would augment Kalyan Jewellers presence in the growing online jewellery segment in India. “Kalyan Jewellers will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor.”
“As part of the transaction Kalyan Jewellers will complete a phase wise acquisition of the equity held by founder promoter Rupesh Jain, apart from making a significant investment into the company, to drive its next phase of business,” the company said in a release here. This is Kalyan Jeweller’s first strategic move of its kind as the company continues to pursue aggressive growth plans, both organically and inorganically.
Established in 2013, Candere (www.candere.com) sells jewellery online in India, US and the U.K. It has a portfolio of over 4,000 designs, including a strong offering in the high growth diamond jewellery segment. This transaction will help Kalyan establish a strong presence in the ecommerce segment to complement its vast physical retail presence, the release said.
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Following the acquisition, Candere will be “powered by Kalyan Jewellers” as it continues to build resonance with existing and potential online jewellery shoppers. “Kalyan Jewellers will significantly boost Candere’s customer offerings by virtue of its depth of merchandise, which caters to different market segments and customer tastes.
Post Investment, Kalyan plans to launch some of its established and well received sub-brands like Glo, Antara, Anokhi, Nimah, through the Candere online store,” it said. Through this investment, Kalyan Jewellers will also be able to expand Candere’s geography into the growing West Asian market, including UAE, Kuwait and Qatar thus augmenting Candere’s existing coverage.
Commenting on the acquisition, Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers said Candere has built a loyal online customer base in India with one of the best repeat rates in the business. “Candere’s recent foray into the U.K. and U.S.A markets also helps Kalyan augment its ambition of becoming a global Indian brand,” he said.
“We believe that the online jewellery market offers tremendous growth potential and expect it to contribute 5-7 per cent of our topline over the next five years. The acquisition will also accelerate contribution of our global revenues,” he added. Candere was co-founded by Rupesh Jain and provides a wide range of jewellery in gold, diamond and precious stones.
Rupesh Jain will continue in his role as founder CEO.