Kalyan Jewellers on Wednesday announced the acquisition of online jewellery firm Candere (www.candere.com). Established in 2013, Candere sells jewellery online in India, USA, and UK. It has a portfolio of over 4,000 designs including the diamond jewellery segment. The acquisition will 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.
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 Jewellers had recently raised a 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 KalyanJewellers’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 Jewellers 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 per cent of our topline over the next five years. The acquisition will also accelerate contribution of our global revenues.”
Candere was co-founded by Rupesh Jain, who will continue in his role as the founder CEO. Commenting on the development, 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.”