Kochi: On Monday, the Kerala-based Kalyan Jewellers revealed its plans to acquire the remaining 15 per cent stake in Enovate Lifestyles, its e-commerce subsidiary, for Rs42 crore.
Enovate Lifestyles operates under the Candere brand.
The acquisition, to be completed in three tranches, will result in Candere becoming a wholly owned subsidiary of Kalyan Jewellers. This move reflects Kalyan Jewellers’ strategic shift from pure e-commerce to an omni-channel approach.
The company initially acquired a majority stake in Candere in 2017 to venture into the online jewellery market.
The latest transaction involves the purchase of 57,320 equity shares from current shareholder Rupesh Jain.
T S Kalyanaraman, Managing Director, expressed enthusiasm about exploring the emerging market segment in the jewellery industry, emphasizing lightweight, fashion-forward designs.
Candere, which recorded an annual revenue of Rs130.3 crore in the 2023-24 fiscal year, expanded its offline presence by launching 11 physical showrooms last year and plans to quadruple its offline footprint in the current fiscal year.
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