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Business News/ Brand Stories / CaratLane Crosses 2000 Cr. In Revenue, Delivering Another Profitable Year
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BRAND POST

CaratLane Crosses 2000 Cr. In Revenue, Delivering Another Profitable Year

Aggressive expansion in small towns and global markets with a high demand for diamond jewellery

CaratLanePremium
CaratLane

Mumbai, Maharashtra, India – Business Wire India 

Key Highlights:

  • Q4 FY23 Revenue at INR 571 Cr. at 57% growth
  • Full-year revenue at 2169 Cr. 73% growth, with 166 Cr. EBIT
  • Total retail footprint stands at 227 stores across 88 cities pan-India
  • Crosses 1 mn customers 

CaratLane, India’s largest digitally native omni-channel jewellery brand ended the year on a high crossing INR 2000 cr. in revenue for the first time. While the category saw a huge slowdown in customer sentiment towards the end of the quarter, CaratLane delivered a revenue (NSV) of INR 571.24 crores for the year 2022-2023 (56.7% growth over Q4 FY22) and EBIT at 6.9%. The brand searches have grown over 60% in the year – signalling a growing consideration for the brand across all key markets.

Avnish Anand, COO & Co-Founder of CaratLane said, “Our business is built on making jewellery accessible to customers at a pin code level, and this year our focus has been on ensuring the smooth transition of our customers from online browsing to retail stores or other channels. Apart from this we also want to solve all jewellery-related needs for our customers, and in the last year we have launched new services like ear piercing, while expanding our old gold exchange, jewellery engraving and jewellery cleaning services. In the last few months over 1000 children have got their first piece of jewellery from CaratLane, through ear piercing. Our goal is to have jewellery designs that are relevant across all life stages of our customers, starting with their first ear piercing to everyday wear designs as well as jewellery for occasions like their engagement, wedding gifts and all milestone anniversaries and birthdays. Focusing on the customer life cycle and helping them discover the right designs at the right time is a big lever for our repeat business. And now with over 227 stores in 88 cities across the country and an aggressive plan for the coming year, we are excited to reach our next 1 Mn customers." 

Commenting on the resultsMithun Sacheti, Managing Director CaratLane said, “Over the past few years, we have experienced consistent growth despite certain unfavourable macro conditions. In FY23, we achieved an impressive growth rate of 73%, delivering a 3-year CAGR of 52%. This year, we have reached several milestones, but the most significant for us has been crossing the 1 Mn customer mark. As a gifting brand, we have established our position in the market and remain committed to enhancing the consumer experience by helping them express their emotions to their loved ones. Additionally, we have expanded our retail footprint to new cities like Mathura, Kangra, and Ajmer while continuing to cater to our global customers. We aspire to be the destination for everyday wear diamond jewellery for women across the globe."

For the International business, Q4 has seen an increase in efficiency as well as conversions, while the business grew at 60% YoY. The focus is on acquiring new customers, with the lifetime base for the US markets crossing 20,000. The Silver business Shaya closed Q4 INR 8.4 Cr with 50% growth over the previous year.

(The above financial highlights are based on consolidated financial results)

About CaratLane
 
CaratLane - a Tanishq Partnership, India’s first omnichannel jewellery brand was founded in 2008, by Mithun Sacheti and Srinivasa Gopalan, with a simple but courageous objective – to make beautiful jewellery accessible, affordable, and forever wearable. All CaratLane collections draw design inspiration from a strong historical legacy and interpret them in a modern theme. With the new-age woman as a muse, the design philosophy at CaratLane is to make jewellery which makes the wearer ‘feel’ beautiful, and draws out her compelling individuality, inner confidence and self-esteem.
 
With a strategic investment from Titan Company Limited, CaratLane is now partnered with India’s largest retail jeweller, Tanishq. The partnership aims to work towards a common mission – to offer customers beautiful jewellery and a distinctive shopping experience that fits today’s values and lifestyles - enabling CaratLane to grow as India’s 21st-century jewellery brand. 
 
CaratLane is also known for its signature jewellery-buying experience across all platforms. Along with the website, which is India’s largest online jewellery destination, CaratLane now has over 170 brand stores across the country. The stores bring a seamless jewellery buying experience with access to all jewellery. CaratLane also pioneered a unique Try at Home feature for jewellery buyers in the country, where customers can book an appointment to get their desired jewellery delivered at their doorsteps and try them at their comfort, with no obligation to buy. Furthermore, CaratLane also launched LIVE – a video call service which enables jewellery customers to buy jewellery with the help of a jewellery expert over a video call.
 
To know more about CaratLane: Visit www.caratLane.com

Media Contact Details

Jennifer Pandya, CaratLane, jennifer.p@caratlane.com; Tejasvi Sachdeva, Adfactors PR, tejasvi.sachdeva@adfactorspr.com, +91-9167460644; Garvit Nijhawan, Adfactors PR, garvit.nijhawan@adfactorspr.com, +91-9953568390

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. 

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Published: 10 May 2023, 06:44 PM IST
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