Kalyan Jewellers has announced acquisition of online jewellery firm Candere in a deal people close to the development pegged at Rs 35-40 crore.
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.
Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers, said, "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."
Kalyanaraman said, "The integrated offline and online offering will provide customers more flexibility and convenience while enhancing their shopping experience. We believe that the online jewellery market offers tremendous growth potential and expect it to contribute 5-7% to our top line over the next five years. The acquisition will also accelerate contribution of our global revenues."
Rupesh Jain, Co-founder, Candere, 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."