Kalyan Jewellers stated on June 3 it’ll purchase the remaining 15% stake in its e-commerce subsidiary Enovate Lifestyles, which operates beneath the model Candere, for ₹42 crore.
The deal, to be accomplished in three tranches, will make Candere a completely owned unit as Kalyan Jewellers shifts focus from pure e-commerce to an omnichannel technique, the corporate stated in a regulatory submitting.
Kalyan Jewellers first acquired a majority stake in Candere in 2017 to enter the net jewelry market. The newest transaction includes shopping for 57,320 fairness shares from present 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 stated.
Candere, which reported an annual income of ₹130.3 crore within the 2023-24 fiscal, launched 11 bodily showrooms final 12 months and plans to quadruple its offline presence this fiscal.
