Kalyan Jewellers to complete Candere buyout for Rs 42 cr

TFW Bureau
TFW Bureau Jun 04, 2024 - 1 min read
Kalyan Jewellers to complete Candere buyout for Rs 42 cr image
Kalyan Jewellers will acquire remaining 15% stake in three tranches

Kalyan Jewellers is all set to acquire Candere wholly. The company will be acquiring the remaining 15% stake in its e-commerce subsidiary Enovate Lifestyles, which operates under the brand Candere, for Rs 42 crore in three tranches.

This deal will make Candere a wholly owned unit as Kalyan Jewellers shifts focus from pure e-commerce to an omnichannel strategy, the company said in a regulatory filing.

Kalyan Jewellers first acquired a majority stake in Candere in 2017 to enter the online jewellery market. The latest transaction involves buying 57,320 equity shares from existing shareholder Rupesh Jain.

“We’re excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward designs,” Managing Director T S Kalyanaraman said.

Candere, which reported an annual revenue of Rs 130.3 crore in the 2023-24 fiscal, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal.

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