Kalyan Jewellers mentioned on June 3 it would purchase the remaining 15% stake in its e-commerce subsidiary Enovate Existence, which operates underneath the model Candere, for ₹42 crore.
The deal, to be accomplished in three tranches, will make Candere an entirely owned unit as Kalyan Jewellers shifts focus from pure e-commerce to an omnichannel technique, the corporate mentioned in a regulatory submitting.
Kalyan Jewellers first acquired a majority stake in Candere in 2017 to enter the web jewelry market. The most recent transaction includes shopping for 57,320 fairness shares from current shareholder Rupesh Jain.
“We’re excited to discover an rising market section inside the jewelry business, specializing in light-weight, fashion-forward designs,” Managing Director T.S. Kalyanaraman mentioned.
Candere, which reported an annual income of ₹130.3 crore within the 2023-24 fiscal, launched 11 bodily showrooms final 12 months and plans to quadruple its offline presence this fiscal.
