Thrissur: Kalyan Jewellers India finalized a deal to buy Rupesh Jain’s last 15% in subsidiary Candere for Rs. 42 crore. This move will shift Candere to Omni channel commerce as it becomes fully owned by Kalyan Jewellers, following the majority stake buyout in 2017. Last fiscal year, Candere saw revenue of Rs. 130.3 crore.
Since 2013, Candere has been a key player in the affordable and accessible jewellery market. Following its acquisition by Kalyan Jewellers in 2017, the brand has shown consistent growth in products, customer preference, and expansion across marketplaces. In the past 16 months, Candere has shifted focus toward omni-channel commerce, adjusting to changing consumer needs. New talent has been brought in at various levels to support this shift. During the last fiscal period, Candere opened 11 new physical stores nationwide and plans to further increase its offline presence this year.
Commenting on the announcement, T S Kalyanaraman, Managing Director, Kalyan Jewellers 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. With Candere, we are excited to explore an emerging market segment within the jewellery industry, focusing on lightweight, fashion-forward, and universally appealing designs. 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, “The candere journey has been a lifetime adventure, filled with immense learning and unparalleled value creation. In many ways, it is a reiteration of the adage, ‘dreams do come true’. 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.”
