Kalyan Jewellers on Monday announced that it will acquire the remaining 15% stake in its e-commerce subsidiary, Enovate Lifestyles, for Rs 42 crore. The subsidiary operates under the Candere brand. The deal, to be completed in three tranches, will make Candere a wholly owned unit.
Kalyan Jewellers is shifting its focus from pure e-commerce to an omnichannel strategy. The company first acquired a majority stake in Candere in 2017 to enter the online jewellery market.
The latest transaction involves purchasing 57,320 equity shares from existing shareholder Rupesh Jain.
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“We’re excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward designs,” Managing Director T S Kalyanaraman said.
Candere, which reported an annual revenue of Rs 130.3 crore in the 2023-24 fiscal, launched 11 physical showrooms last year and plans to quadruple its offline presence this fiscal.
(With inputs from PTI)
From: financialexpress
Financial News
