Retail jewellery major Kalyan Jewellers has decided to make its foray into the US market and has drawn up a plan to launch its first showroom in the country by Diwali. The jeweller also has plans to launch another 40 Kalyan showrooms in India and 30 Candere showrooms. Candere is a wholly-owned subsidiary of Kalyan Jewellers.
In its quarterly update report released today, the company has said that it has reported overall revenue growth of approximately 27% YoY, whereas revenue growth for India operations stood at 29% during Q1 FY2025. Revenue growth from Middle East operations stood at 16% YoY
Candere has registered revenue growth of approximately 13% Y-o-Y.
The company in a media release said that he recently concluded quarter has been a very satisfying one, having witnessed robust operating performance across all its markets in India and Middle East despite extreme volatility in gold prices and a strong base quarter. Q1 FY2025 recorded consolidated revenue growth of approximately 27% when compared to the same period in the previous financial year.
“We saw revenue growth of approximately 29% for our India operations during Q1 FY2025 as compared to Q1 FY2024, led by robust operating momentum on the ground with healthy same-store-sales-growth of approximately 12%. We launched 13 Kalyan Franchisee-Owned-Company-Operated “FOCO” showrooms in India during the recently concluded quarter, with a strong pipeline of showrooms set to open in the coming quarters in line with our previously communicated guidance,” the release added.
In the Middle East, the jeweller witnessed revenue growth of approximately 16% when compared to the same period in the previous financial year, driven largely by same-store sales growth. Middle East contributed 15% to its consolidated revenue for the recently concluded quarter.
Kalyan’s digital-first jewellery platform, Candere, recorded revenue growth of approximately 13% during the recently concluded quarter as compared to the same period during the last year. During the recently concluded quarter, we have signed documentation to increase our stake in the business and hence convert Enovate Lifestyles Private Limited (Candere) to a wholly owned subsidiary of Kalyan Jewellers India Limited.
“We are upbeat about the upcoming new showroom launches and are gearing up with fresh collections and campaigns for the upcoming festive and wedding season across the country, starting with Onam towards the end of the current quarter. As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the showrooms already opened, we have drawn up plans to launch another 40 Kalyan showrooms in India, 30 Candere showrooms and the first showroom in the U.S. by Diwali,” the release added.
During the recently concluded quarter, the jeweller has launched 24 showrooms across Kalyan and Candere formats taking the total number of showrooms as on 30th June 2024 to 277.
