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Shares of Kalyan Jewellers India Ltd have been in the spotlight following reports that global private equity giant Warburg Pincus is in advanced talks to acquire a 10% stake in the company’s lifestyle jewellery brand Candere. The deal, estimated at Rs 800–850 crore, would mark Warburg’s return to the Kalyan fold after exiting the parent company in 2024.
According to a report by The Economic Times, Warburg’s proposed investment will involve a mix of secondary shares from Kalyan Jewellers and freshly issued equity in Candere. The funds raised through the new issuance will support Candere’s expansion strategy, which includes the addition of 80–90 new stores nationwide through a franchise-led model.
Founded in 2013 as an online jewellery retailer, Candere has rapidly scaled under Kalyan’s ownership since 2017. Originally acquired for just Rs 35–40 crore, the brand has grown into a key growth engine for Kalyan Jewellers. In 2024, Kalyan completed its acquisition by buying out the remaining 15% stake from founder Rupesh Jain, transitioning Candere into a full-fledged omnichannel retail brand.
“This format is focused on lightweight, lifestyle jewellery,” said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers, during the company’s Q1 earnings call in August. “We’ve added over 70 Candere showrooms in the last 18 months, and are now rapidly scaling the network.”
Brokerage firm Motilal Oswal Financial Services (MOFSL) recently highlighted Kalyan’s successful expansion into non-South markets and its growing international footprint in the Middle East and US. The company’s asset-light model and increasing studded jewellery mix are seen as key drivers of profitability.
MOFSL projects 21% CAGR in revenue and profit for Kalyan Jewellers between FY26 and FY28, with 17% CAGR in EBITDA.
The potential Candere deal comes amid heightened investor interest in India’s jewellery retail sector. Recent moves include a Rs 530 crore funding round in D2C brand Giva, a $15 million raise by lab-grown diamond startup Aukera, and the IPO of BlueStone, which raised Rs 1,540 crore.
Candere’s focus on trendy, affordable jewellery has aligned well with evolving consumer preferences, even as the broader industry grapples with volatile gold prices.
If finalized, the Warburg Pincus deal would reaffirm confidence in India’s growing lifestyle jewellery market—and signal a strong second innings for the private equity major in the Kalyan group.
