Kalyan Jewellers' subsidiary Candere to focus on brand identity, franchise model
At present, Candere's showroom count is 73 in the country, and the parent company has claimed to launch 80 more showrooms in the fiscal year 2026
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Amid rising gold prices due to geopolitical instability, Kalyan Jewellers has chalked out plan to boost the brand presence of its wholly-owned subsidiary Candere, which has been incurring losses. Kalyan Jewellers Executive Director, Ramesh Kalyanaraman said that the jewellery brand has increased talent across the senior management and other areas, such as marketing, for Candere.
"We are very clear on how the brand identity should be, strategy is also laid out. We were almost about to launch the campaign, wherein once we launch the campaign, only, we can expect footfall, and things will come to where we want, but because of the recent incident, we pushed the campaign," Kalyanaraman said during the Quarter 4 earnings call for the fiscal year 2025.
The executive director has aimed to make Candere profitable in the current fiscal year.
At present, Candere's showroom count is 73 in the country, and the parent company has claimed to launch 80 more showrooms in the fiscal year 2026.
Candere's net losses widened significantly in the Q4 FY24. According to the stock exchange filing, Candere reported a loss of Rs 12 crore in Q4 FY25 compared to Rs 70 lakh in the corresponding quarter of the previous fiscal year. Additionally, the Q4 FY25 revenue also declined to Rs 28 crore from Rs 36 crore in Q4 FY24.
Candere's direct competitors, CaratLane, registered a 23% rise in its total income in Q4 FY25 to Rs 883 crore. CaratLane's Earnings Before Interest and Taxes (EBIT) stood at Rs 70 crore, clocking a margin of 8% in Q4 FY25. CaratLane is one of the key subsidiaries of Titan Company, a part of the Tata Group.
Candere is Kalyan's digital-first platform, which was founded in 2013 by Rupesh Jain. However, Jain sold the company to Kalyan Jewellers in a phased acquisition with the final stake transfer completed in 2024. Kalyan has planned to expand the Candere shworooms largely through the mix of Franchise Owned Company Operated (FOCO) and Company Owned Company Operated (COCO) models.
"We plan to launch 80 Candere showrooms in India during the current financial year through a mix of FOCO and COCO showrooms. The bulk of the showrooms launch with the franchised ones. During Q1 and Q2 of the current financial year," Kalyanaraman said.
Kalyan Jewellers is one of the leading jewellery brands in the country. The company's profit soared to Rs 714 crore in FY25 compared to Rs 596 crore in FY24. Its rival Titan, comprising brands like Tanishq, Mia, and Zoya, recorded a Total Income growth of 21% to Rs 46,571 crore in FY25.
