Kalyan Jewellers snaps up online jewellery retailer Candere

Leading jewellery chain Kalyan Jewellers acquired the online jewellery firm Candere to augment its presence in the growing online jewellery segment for an undisclosed sum.

Kalyan will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor and as part of the deal the Thrissur-based company will complete a phased acquisition of the equity held by founder promoter Rupesh Jain, apart from investing more into the firm.

The additional investment is primarily to expand Candere’s geographical presence into the growing West Asian market including the UAE, Kuwait and Qatar.

This is Kalyan’ first strategic move of its kind as it continues to pursue aggressive growth plans, both organically and inorganically.

Rajesh Kalyanaraman, executive director at Kalyan Jewellers said, “Candere has built a loyal online customer base with one of the best repeat rates in the business. Its recent foray into Britain and the US will help us augment our ambition of becoming a global brand.

“We believe the online jewellery market offers tremendous growth potential and expect it to contribute 5-7 per cent of our top line over the next five years. The deal will also accelerate contribution of our global revenues,” Rajesh added.

(Agencies)

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