CaratLane, partly owned by Titan Company, is planning to open 40 more stores through a combination of owned and franchisee stores. Last month, the online and offline retailer had launched its 50th store in Mumbai.
Avnish Anand, Co-Founder of CaratLane, said, "Our strategy is to open 35 stores by March 2020 through the franchise route and five owned and operated by us. The franchise model of expansion is aimed to yield profit without making an investment."
CaratLane was started in 2008 by Mithun Sacheti and Srinivasa Gopalan. It began as an online jewellery retailer. However, when Titan bought a 62% stake in the company in July 2016, CaratLane had 14 physical stores.
CaratLane is targeting a 56% rise in its revenue at Rs 500 crore for the financial year 2018-19, from Rs 320 crore in the previous fiscal.