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Enovate Lifestyles Private (Candere) is an e-commerce company involved in the business of retail sale of jewellery. Enovate owns the omni channel lifestyle jewellery brand, Candere (www.candere.com). Kalyan Jewellers had acquired majority stake in Enovate Lifestyles Private in the year 2017. It recorded annual revenue of Rs 130.3 crore in FY2023-24.
During the course of the last fiscal, Candere launched 11 physical showrooms across the country and is looking at quadrupling its off-line presence during this fiscal.
A total of 57,320 equity shares are proposed to be acquired by way of purchase from Mr. Rupesh Jain, existing shareholder. Out of total the firm will acquire 40% equity stake (corresponding to 22,928 equity shares) on or before June 03, 2024. Next 40% equity stake (corresponding to 22,928 equity shares) will be acquired on or before August 31, 2024 Balance 20% equity stake (corresponding to 11,464 equity shares) will be acquired on or before November 30, 2024.
Pursuant to the acquisition of the balance 15% equity shares, Enovate Lifestyles Private will become a 100% wholly-owned subsidiary of the company.
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.”
Headquartered in Kerala, Kalyan Jewellers is one the largest jewellery retailers in India with a presence in the Middle East.
The jewellery retailer’s consolidated net profit jumped 96.3% to Rs 137.59 crore on 34.09% increase in revenue from operations to Rs 4,534.93 crore in Q4 FY24 over Q4 FY23.
The counter declined 1.94% to Rs 7.60 on the NSE.
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