Number of showrooms reaches 277 as on June 30
KOCHI: Kalyan Jewellery has recorded a consolidated revenue growth of approximately 27 per cent to Rs5,558 crore for the first quarter of the current financial year (Q1-FY25) compared with Rs4,376 crore the company generated for the same period in the previous financial year.
The company also recorded a revenue growth of approximately 29 per cent for its India operations during Q1-FY2025 as compared with Q1-FY2024, led by robust operating momentum on the ground backed by healthy same-store-sales-growth of approximately 12 per cent.
“The quarterly performance has been a very satisfying one, having witnessed robust operating performance across all our markets in India and Middle East despite extreme volatility in gold prices and a strong base quarter,” an official release from Kalyan stated.
13 FOCO branches opened
The company launched 13 Kalyan Franchisee-Owned-Company-Operated “FOCO” showrooms in India during the recently concluded quarter, with a strong pipeline of showrooms set to open in the coming quarters.
In the Middle East, Kalyan witnessed revenue growth of approximately 16 per cent when compared with the same period in the previous financial year, driven largely by same-store-sales growth.
“Middle East contributed approximately15 per cent to our consolidated revenue for the recently concluded quarter. Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 13 per cent during the recently concluded quarter as compared with the same period during the last year,” the official release added.
Candere to be wholly owned subsidiary
During the recently concluded quarter, the company has signed a deal to increase its stake in the business and hence convert Enovate Lifestyles Private Ltd (Candere) to a wholly owned subsidiary of Kalyan Jewellers India Ltd.
Kalyan Jewellery has drawn up plans to launch another about 40 Kalyan showrooms in India, 30 Candere showrooms and the first showroom in the US by Diwali.
During the recently concluded quarter, the company has launched 24 showrooms across Kalyan and Candere formats taking the total number of showrooms as on June 30, 2024 to 277 (Kalyan India – 217, Kalyan Middle East – 36, Candere – 24).
