Kalyan Jewellers to invest Rs 42 crore to complete Candere buyout
Kalyan Jewellers said on Monday it will acquire the remaining 15 per cent stake in its e-commerce subsidiary Enovate Lifestyles, which operates under the brand Candere, for Rs 42 crore.
The deal, to be completed in three tranches, will make Candere a wholly owned unit as Kalyan Jewellers shifts focus from pure e-commerce to an omnichannel strategy, the company said in a regulatory filing.
Kalyan Jewellers first acquired a majority stake in Candere in 2017 to enter the online jewellery market. The latest transaction involves buying 57,320 equity shares from existing shareholder Rupesh Jain.
“We’re excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward designs,” Managing Director T S Kalyanaraman said.
Candere, which reported an annual revenue of Rs 130.3 crore in the 2023-24 fiscal, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal.
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First Published: Jun 03 2024 | 9:57 PM IST