Omnichannel jeweller Caratlane is planning to expand its retail network turn operationally profitable in the current financial year by leveraging its partnership with Titan.
Currently, the company has around 62 stores. Caratlane eyes to expand to around 90 stores by the end of the financial year.
Rajan Amba, Chief Operating Officer of Caratlane, said, “Retail is a major growth driver and time and research has shown that Indian consumers are still comfortable with physical shopping when it comes to buying jewellery. We have opened around 60 stores in a few months and we are expanding this year.”
“At present, our focus is largely on tier-1 cities. Sixty per cent of our expansion will be in tier-1 and 40 per cent in tier-2 locations. We can open more stores in the locations where we are already present,” he added.
Caratlane further looks to leverage Titan’s large network for scaling up its business.
Amba stated, “Tanishq alone has a large partner network and most of them would like to expand into Caratlane. If we look at Titan Company, it has more than 700 partners within its different businesses. So, there is an ecosystem that the relationship with Titan allows us to leverage.”