Kalyan Jewellers acquires remaining stake in Candere for Rs 42 crore

Kalyan Jewellers India Ltd has acquired the remaining 15 percent stake in Enovate Lifestyles Pvt Ltd-owned jewellery brand Candere from its founder Rupesh Jain for a consideration of Rs 42 crore ($5 million).

With this acquisition, Candere will become a wholly owned subsidiary of Kalyan Jewellers.

Kalyan Jewellers had entered the jewellery e-commerce business in 2017 by acquiring a majority stake in Candere.

Commenting on the acquisition, T S Kalyanaraman, managing director of Kalyan Jewellers in a statement said, “Kalyan Jewellers has demonstrated its ability to grow a hyper-local consumer brand with size and scale while remaining agile to the evolving needs of customers. We thank Rupesh Jain for his passion and commitment in shaping a unique position for Candere and believe that the next phase of growth will be best captured with a significant retail presence and a strategic pivot to omnichannel commerce.”

Rupesh Jain, founder of Enovate Lifestyle added, “Candere benefitted enormously when Kalyan Jewellers came on board about seven years ago. As it embarks on the next phase of growth, I am sure that Candere, true to its name, will continue to shine and consolidate its special place in the minds of the Indian consumers.”

In the fiscal year 2023-24, Candere reported an annual revenue of Rs 130 crore.