Kalyan Jewellers announced on Monday that it will be acquiring the remaining 15% stake in its e-commerce subsidiary, Enovate Lifestyles, which operates under the brand Candere. The acquisition is valued at Rs 42 crore. The transaction will be completed in three tranches, making Candere a wholly owned unit. Kalyan Jewellers aims to shift its focus from pure e-commerce to an omnichannel strategy, as stated in a regulatory filing.
Kalyan Jewellers initially acquired a majority stake in Candere back in 2017, marking its entry into the online jewellery market. The latest transaction involves the purchase of 57,320 equity shares from an existing shareholder, Rupesh Jain.
T S Kalyanaraman, Managing Director, expressed excitement about exploring an emerging market segment within the jewellery industry, with a focus on lightweight, fashion-forward designs.
Candere, which reported an annual revenue of Rs 130.3 crore in the 2023-24 fiscal year, launched 11 physical showrooms last year and plans to quadruple its offline presence in the current fiscal year.