Kalyan Jewellers Acquires Full Control of Candere in Rs 42 Crore Deal

Kalyan Jewellers will acquire the remaining 15% stake in its e-commerce subsidiary, Enovate Lifestyles (Candere), for Rs 42 crore. This move, involving three tranches, positions Candere as a fully owned unit under Kalyan Jewellers, as the company transitions to an omnichannel strategy. Candere plans significant offline expansion following this acquisition.

PTI | New Delhi | Updated: 03-06-2024 20:13 IST | Created: 03-06-2024 20:13 IST
Kalyan Jewellers Acquires Full Control of Candere in Rs 42 Crore Deal
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Kalyan Jewellers announced on Monday its decision to acquire the remaining 15 percent stake in its e-commerce subsidiary, Enovate Lifestyles, branded as Candere, for Rs 42 crore.

The transaction, which will be executed in three stages, will result in Candere becoming a wholly owned entity. This move aligns with Kalyan Jewellers' shift from solely e-commerce operations to an omnichannel approach, according to the company's regulatory filing.

Kalyan Jewellers, having first acquired a majority stake in Candere in 2017 to penetrate the online jewellery market, will purchase 57,320 equity shares from existing shareholder Rupesh Jain in this latest transaction. 'We're excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward designs,' said Managing Director T S Kalyanaraman.

Candere, which reported an annual revenue of Rs 130.3 crore in the 2023-24 fiscal, opened 11 new physical showrooms last year and has plans to expand its offline footprint significantly in the current fiscal year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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