New Delhi: Kalyan Jewellers India has signed a definitive agreement with Rupesh Jain, the founder of Candere to acquire his remaining 15 per cent stake in Candere valued at Rs 42 crore making it a subsidiary of Kalyan Jewellers, a wholly owned entity.
The jewellery retailer initially acquired a majority stake in Candere in 2017 to enter the e-commerce sector.
In the fiscal year 2023-24, Candere reported an annual revenue of Rs 130.3 crore.
Candere, established in 2013, has been part of the rapidly growing affordable and accessible jewellery market. Since its acquisition by Kalyan Jewellers, Candere has made steady advancements in its product offerings, customer preferences, and presence in leading marketplaces.
Over the past sixteen months, Candere has shifted its strategy towards omnichannel commerce to meet emerging consumer needs. In line with this shift, experienced talent has been brought in both operationally and at management levels. During the last fiscal year, Candere opened 11 physical showrooms across India and plans to significantly expand its offline presence in the current fiscal year.
“Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to the evolving needs of customers,” said T. S. Kalyanaraman, Managing Director of Kalyan Jewellers.
“With Candere, we are excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward, and universally appealing designs. We thank Rupesh Jain for his passion and commitment in shaping a unique position for Candere and believe that the next phase of growth will be best captured with a significant retail presence and a strategic pivot to omnichannel commerce.”
Rupesh Jain, Founder of Enovate Lifestyle, shared his thoughts, stating, “The Candere journey has been a lifetime adventure, filled with immense learning and unparalleled value creation. In many ways, it is a reiteration of the adage, ‘dreams do come true.’ Candere benefitted enormously when Kalyan Jewellers came on board about seven years ago.”
