23 Jan 2022
DiamondWorld Directory
-
Home |
News
Home
Kalyan Jewellers announces acquisition of online jewellery firm Candere
Intends to increase presence in online jewellery segment in India
By: Diamond World News Service
|
Apr 28 2017 1:21PM
|
Reference: 15146  

DecreaseIncrease
Leading Indian jewellery brand Kalyan Jewellers, has acquired online jewellery firm Candere. With this acquisition Kalyan Jewellers intends to augment its presence in the growing online jewellery segment in India and complement its vast physical retail presence.

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 phased 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. 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 sells jewellery online in India, USA and UK. It has a portfolio of over 4,000 designs including a strong offering in the high growth diamond jewellery segment. 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. 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.

Kalyan Jewellers will leverage its vast network of 105 showrooms and distributed supply chain across India and West Asia to enhance Candere's fulfilment layer and work towards creating a robust online-offline hybrid customer experience. Kalyan had recently raised growth capital of Rs. 500 crore from global private equity major Warburg Pincus taking the latter’s total investment to Rs. 1,700 crore in the company. The funds will be used to double Kalyan's retail presence over the next three years from the present base of showrooms.

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 UK and USA markets also helps Kalyan augment its ambition of becoming a global Indian brand. Both companies have strong design and manufacturing capabilities and the synergies therein will help strengthen our offering to existing as well as new customers. The integrated offline and online offering will provide customers more flexibility and convenience while enhancing their shopping experience. We believe that the online jewellery market offers tremendous growth potential and expect it to contribute 5-7% of our topline over the next 5 years. The acquisition will also accelerate contribution of our global revenues.’’ Candere was co-founded by Rupesh Jain and provides a wide range of jewellery crafted in gold, diamond and precious stones. Rupesh Jain will continue in his role as founder CEO. Commenting on the development, Rupesh Jain said, “Kalyan is a formidable jewellery brand and Candere will be able to scale up rapidly by using Kalyan’s strong supply chain network and physical presence. The integration will also provide up selling and cross-selling opportunities and bolster revenues.’’

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Sort by: 
 Newest 
 | 
 | 
 | 
 Agree 
 | 
Pravesh
(Indore)
kosher testing comment section
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Search News by City
Recent Issue
2021
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 30295
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 6895
GJEPC Chairman Interview
Views: 26567
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 36616
Promo for IJ Awards 2012 at NDTV Profit
Views: 50484
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 64021
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 20524
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 48649
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 47852
Member of:
Supporter of: