Kalyan Jewellers India Ltd. announced the signing of a definitive deal with Rupesh Jain, Founder of www.candere.com (Enovate Lifestyles Pvt. Ltd), to buy his remaining 15% stake in Candere, a subsidiary of Kalyan Jewellers.
Candere will become a wholly owned subsidiary of Kalyan Jewellers as it transitions from e-commerce to Omni channel commerce, with a stake acquisition for Rs. 42 crore. Kalyan Jewellers bought a controlling stake in the company in 2017 as part of its expansion into the e-commerce space.
Candere had an annual revenue of Rs. 130.3 crore in FY2023-24. Candere has been a part of the rapidly expanding affordable and accessible jewellery industry since 2013. Since being acquired by Kalyan Jewellers in 2017, the brand has steadily grown in terms of offers, consumer preference, and presence in leading marketplaces. Candere has made a deliberate shift to omnichannel commerce during the last sixteen months to meet rising consumer demands. In line with this change, experienced talent is being inducted at both the operational and management levels. Candere opened 11 physical showrooms across the country last fiscal year, and it plans to quadruple its offline presence this fiscal year.
T S Kalyanaraman, Managing Director of Kalyan Jewellers, commented on the announcement, saying, “Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to customers’ changing needs.” Candere is thrilled to explore an emerging market niche in the jewelry business, with an emphasis on lightweight, fashion-forward, and universally appealing designs. We thank Rupesh Jain for his passion and commitment to building Candere’s unique position, and we feel that the next phase of growth will be best captured with a large retail presence and a strategic shift to omnichannel commerce.”
Rupesh Jain, Founder of Enovate Lifestyle, adding, “The Candere journey has been a once-in-a-lifetime adventure, full of great learning and amazing value creation. In many ways, it is a reiteration of the cliche ‘dreams do come true’. Candere benefited greatly when Kalyan Jewellers joined on board roughly seven years ago. As it enters the next phase of expansion, I am confident that Candere, true to its name, will continue to shine and solidify its unique position in the minds of Indian consumers.”