Top Story

e4m_logo.png

Home >> Digital >> Article

Kalyan Jewellers acquires online jewellery firm, Candere

29-April-2017
Font Size   16
Kalyan Jewellers acquires online jewellery firm, Candere

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.”

Kranti Gada joined the family business at Shemaroo in 2006 after a successful stint of over two years in marketing at Pepsi Co. She has been associated with the company for 12 years.

Exchange4media interacted with Jaspreet Chandok, Vice President and Head (Fashion) , IMG Reliance Pvt. Ltd on seamless brands integrations planned for Lakme Fashion Week, walking tall despite blazing trails like GST, demonetization and being a part of the larger cultural space

Their strategy to educate the consumers to make well informed decisions at all stages has worked out well.

Bobby Pawar, MD, CCO - South Asia, Publicis India, talks about his idea of chilling out

WhatClicks promises to be an unbiased, objective, third-party audit firm that will work with advertisers and agencies alike to help build an effective and integrated digital strategy.

V-Guard Industries, a household name for consumer electrical appliances in India, has revamped its logo in order to reflect the strength gained by the brand over the years. The company has also unveil...

The report reveals that there has been nearly 5 times more growth in video consumption in the last 12 months, with 96 percent of all usage being focused on long form video