New Delhi, Kalyan Jewelers on Monday said it will acquire the remaining 15 per cent stake in its e-commerce subsidiary Enovate Lifestyles, which operates under the Candere brand, for Rs 42 crore.
The deal, to be completed in three tranches, will make Candere a wholly owned entity as Kalyan Jewelers shifts focus from pure e-commerce to an omnichannel strategy, the company said in a regulatory filing.
Kalyan Jewelers acquired a majority stake in Candere in 2017 to enter the online jewelery market for the first time. The latest transaction involves purchasing 57,320 equity shares from existing shareholder Rupesh Jain.
“We are excited to explore an emerging market segment within the jewelery industry that will focus on lightweight, fashion-forward designs,” said managing director T S Kalyanaraman.
Candere, which reported annual revenue of Rs 130.3 crore in fiscal 2023-24, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal.
The deal, to be completed in three tranches, will make Candere a wholly owned entity as Kalyan Jewelers shifts focus from pure e-commerce to an omnichannel strategy, the company said in a regulatory filing.
Kalyan Jewelers acquired a majority stake in Candere in 2017 to enter the online jewelery market for the first time. The latest transaction involves purchasing 57,320 equity shares from existing shareholder Rupesh Jain.
“We are excited to explore an emerging market segment within the jewelery industry that will focus on lightweight, fashion-forward designs,” said managing director T S Kalyanaraman.
Candere, which reported annual revenue of Rs 130.3 crore in fiscal 2023-24, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal.