Kalyan Jewellers Sets Sights on US Market

5 Jul 2024 , 01:50 PM

The jewelry manufacturer Kalyan Jewellers Ltd., situated in Thrissur, Kerala, announced on Friday that, in spite of the high volatility in gold prices and a strong base quarter, it saw strong operating performance throughout India and the Middle East in the June quarter.

In comparison to the same period previous year, the company reported a 27% increase in revenue. During the quarter, Kalyan’s revenue in the India business increased by 29%, while same-store sales increased by over 12%.

In the most recent quarter, the company’s “digital-first” jewelry platform, Candere, experienced a 13% increase in revenue. There was no wedding or celebration season between April and June. Additionally, Kalyan transformed Candere’s operator, Enovate Lifestyles Pvt. Ltd., into a wholly-owned subsidiary during the quarter.

In the near future, Kalyan expressed optimism on the opening of the new showroom and stated that they are preparing new collections and advertising campaigns for the Onam holiday and the upcoming wedding and celebration season.

Over 130 showrooms across markets are expected to launch by Kalyan Jewellers during the current fiscal year. Apart from the existing showrooms, there are intentions to open approximately thirty Candere showrooms and forty more Kalyan showrooms across India. By Diwali this year, it also intends to open its first showroom in the United States.

13 franchise-owned, company-operated showrooms were opened by Kalyan in India during the quarter, “with a strong pipeline of showrooms set to open in the coming quarters, in-line with our earlier guidance,” the firm stated.

Together with Candere, Kalyan Jewellers currently operates 277 showrooms in India and the Middle East. This quarter saw the opening of 24 new showrooms for Kalyan and Candere.

On Thursday, Kalyan Jewellers’ shares closed at ₹489.9, barely changing. Although the stock has increased 35% so far this year, in the past 12 months, shares have increased 230%, or more than tripled in value.

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