Kalyan Jewellers, a major player in India’s jewelry retail scene, has recently made a significant move by agreeing to acquire a 15% stake in Enovate Lifestyles Private, also known as Candere. This acquisition, valued at Rs 42 crore, solidifies Kalyan Jewellers’ position in the market.
Enovate Lifestyles Private, operating under the brand name Candere, specializes in the online sale of jewelry. The company, which recorded an annual revenue of Rs 130.3 crore in the fiscal year 2023-24, has expanded its offline presence by launching 11 physical showrooms across India during the last fiscal year. Looking ahead, Candere aims to further expand its offline presence fourfold in the current fiscal year.
The agreement entails the acquisition of 57,320 equity shares from Mr. Rupesh Jain, an existing shareholder. Kalyan Jewellers will acquire 40% of the equity stake (equivalent to 22,928 equity shares) by June 3, 2024, another 40% by August 31, 2024, and the remaining 20% by November 30, 2024. Upon the completion of this acquisition, Enovate Lifestyles Private will become a wholly-owned subsidiary of Kalyan Jewellers.
T. S. Kalyanaraman, the managing director of Kalyan Jewellers, expressed enthusiasm about the partnership with Candere, highlighting their focus on lightweight, fashion-forward, and universally appealing jewelry designs. He also acknowledged Rupesh Jain’s contribution to shaping Candere’s unique position in the market.
Rupesh Jain, the Founder of Enovate Lifestyle, reflected on the journey of Candere, expressing gratitude for the partnership with Kalyan Jewellers and expressing confidence in Candere’s future growth and success.
Based in Kerala, Kalyan Jewellers is among the largest jewelry retailers in India and also operates in the Middle East. In the fourth quarter of the fiscal year 2023-24, the company witnessed a significant increase in consolidated net profit, jumping by 96.3% to Rs 137.59 crore, with a 34.09% increase in revenue from operations to Rs 4,534.93 crore over the same period in the previous fiscal year.
Despite this positive development, the company’s stock experienced a decline of 1.94% to Rs 7.60 on the NSE.