Kalyan Jewellers Acquires Remaining 15% Stake in Candere for INR 42 Cr Following this equity acquisition for INR 42 crore, Candere will become a wholly-owned subsidiary of Kalyan Jewellers as the business moves from e-commerce to omni-channel commerce.
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Kalyan Jewellers India announced that it has finalised an agreement with Rupesh Jain, creator of Candere, to purchase his remaining 15% stake in the company.
Following this equity acquisition for INR 42 crore, Candere will become a wholly-owned subsidiary of Kalyan Jewellers as the business moves from e-commerce to omni-channel commerce.
In order to penetrate the online jewellery business, Kalyan Jewellers first purchased a majority stake in Candere in 2017.
T S Kalyanaraman, Managing Director of Kalyan Jewellers, said, "Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to customers' changing needs. Candere is thrilled to explore an emerging market niche in the jewellery business, with an emphasis on lightweight, fashion-forward, and universally appealing designs."
Launched in 2012 by Rupesh Jain and Ashish Bajaj, Candere (Enovate Lifestyles Pvt Ltd) is a Mumbai-based online portal for gold, diamond, gemstone, platinum jewelry, and gold coins.
Since being acquired by Kalyan Jewellers in 2017, the brand claims to have grown in terms of offers, consumer preference, and presence in leading marketplaces.
Over the past sixteen months, Candere has strategically shifted to omni-channel commerce in response to growing customer needs.
In the previous fiscal year, Candere opened 11 physical showrooms across the nation; in the current fiscal year, the company intends to triple its offline presence.
