Kalyan Jewellers on Wednesday announced acquisition of online jewellery firm Candere in a deal people close to the development pegged at Rs 35-40 crore, even as the two companies declined to disclose any figures.
The first strategic move of its kind on the part of Kalyan Jewellers will augment the presence of the Thrissur-headquartered chain in the growing online jewellery segment in India. As part of the deal, Kalyan Jewellers will acquire the equity held by Singularity Strategic, the family office of Brijesh Chandwani and Subram Kapoor.
It will also engage in a phased acquisition of the equity held by founder promoter Rupesh Jain, apart from making a significant investment into the company to drive its next phase of business.
“Candere has built a loyal online customer base in India, with one of the best repeat rates in the business. Candere’s recent foray into UK and USA markets also helps Kalyan augment its ambition of becoming a global Indian brand,” said Rajesh Kalyanaraman, executive director, Kalyan Jewellers.
Co-founded by Rupesh Jain in 2013, Candere provides a wide range of jewellery crafted in gold, diamond and precious stones. Jain will continue in his role as CEO. Commenting on the buyout, he said, “Kalyan is a formidable jewellery brand and Candere will be able to scale up rapidly by using Kalyan’s strong supply chain network and physical presence. The integration will also provide up-selling and cross-selling opportunities and bolster revenues.’’
