Established in 2013, Candere has a portfolio of over 4,000 designs including in the high growth diamond jewellery segment. Last year, Kerala-based Kalyan Jewellers had made a significant investment in the online player. In an exclusive interaction with Rupesh Jain, Founder and CEO, Candere, sheds light on strategies post acquisition.
Kindly talk aboutthe journey of CandereJewellery in Indian market? What has been the biggest change within the brand after being acquired by KalyanJewellers?
Candere started operations six years ago i.e. in 2013. Candere started with a catalog of just solitaire jewellery and we were strictly concentrating on a large catalog of solitaire jewellery even though we had a section of other products as well. In time, our product line grew to introduce all product lines, from gold to gemstones to platinum. We managed to shift a great part of our audience from offline to online jewellery purchase and grow customer loyalty with great service and product design.
After KalyanJewellers acquired Candere, the biggest change that happened at Candere was the influx of gold jewellery designs and the introduction of our wedding collection. Today, we have a catalog size of over 10k designs and a huge audience base, which we received from the partnership. However, one thing still remains intact: we still have one of the largest solitaire jewellery catalogues ranging from Rs. 20k to 8lacs.
What would be your estimate about imitation jewellery market in India? According to you, what are the factors propelling growth in this segment?
The imitation jewellery market in India is thriving more than ever today. Those who love wearing new jewellery every day gravitate towards imitation jewellery. It's budget-friendly and keeps you in trend.
However, gold continues to be an auspicious metal, which people choose for auspicious occasions as well as a security anchor. Gold will always be the top choice for daily wear jewellery. Imitation jewellery can never surpass gold but it surely has a huge following. Both the industries have a charm of their own and an audience base of its own, running parallelly.
Kindly shed light on your brand USP along with retailed categories and price points? Which is your best selling category?
Candere has eight USPs: 30-day Return, Lifetime Exchange, Certified Jewellery, easy EMI options Free Shipping, Virtual Try-On, International shipping, Jewellery Insurance, Customisations and most importantly the trust of KalyanJewellers.
Our bestselling categories are earrings and solitaire rings and necklaces. The range starts at Rs. 8000 only!
Also, throw light on your current distribution in the online as well as offline space? Going forward, what are the plans to expand the distribution across the channels?
We feel we still have a lot to accomplish in the online platform before we can move to an offline space, but yes, that is a long term objective, to create visibility in the form of stores.
Who do you see as your biggest competition in this space?
In terms of competition, we do not feel like we are competing as our forte is not really focusing on designs, which is very much the case with most online jewellery platforms today. Candere's identity stands on making great jewellery at the best prices along with great service rather than selling designer jewellery. Our customers look us up for jewellery for any occasion, majorly for gifting. Yes, as an online jewellery platform, of course, there is always a comparison between us, Bluestone and Caratlane as customers often compare before buying online.
Being an online player, according to you what are the major operational challenges in your category? What is your policy on returns, and how do you ensure the safe delivery of products?
Fine jewellery, being a high priced commodity, in-house manufacturing (during seasons like AkshayTritiya and Dhanteras) and logistics is our biggest challenge, especially when it comes to tier-II cities and areas that have less access to transport and communication, where timely delivery can become an issue due to various factors.
We offer a 30-day return policy and 100% exchange. All our products can be insured at a minimum cost under our Jewellery Insurance program, which helps safeguard all the products purchased by you in case of any mishap. Not just that, all our products are insured during delivery to the customer i.e while it is in transit.
Tell us about your omni-channel strategy
We are working on leveragingKalyanJewellers’ vast network of 105 showrooms across India to enhance our fulfillment layer and working towards creating a robust online-offline hybrid customer experience.
Kindly highlight your growth plans.
We are eyeing 20% to 30% year on year growth in revenues. We have made some strategic moves internally on brand building as we continue to pursue aggressive growth plans, both organically and inorganically with the ambition of becoming a global Indian brand.