Titan Company, a renowned entity under the Tata umbrella, unveiled its latest strategic move today, announcing its decision to acquire the remaining 0.4% stake in CaratLane, thereby solidifying its position as the sole proprietor of this esteemed jewellery brand. This acquisition involves the procurement of 1,19,489 shares, currently in the possession of individual shareholders, constituting a significant 0.36% stake in CaratLane.
With Titan already commanding a substantial 99.64% ownership of CaratLane, this latest transaction underscores the company’s commitment to consolidating its hold in the jewellery sector. Valued at an impressive sum exceeding Rs 60 crore, this acquisition is slated for completion by the close of March, as indicated in Titan’s recent exchange filing.
The financial performance of CaratLane for the fiscal year 2022-23 stands as a testament to its flourishing trajectory, boasting a commendable turnover of Rs 2,177 crore. Notably, the brand witnessed a remarkable surge in income, with figures soaring by 32% to reach Rs 893 crore for the quarter culminating in December. Bolstering its market presence, CaratLane has embarked on an aggressive expansion spree, epitomized by the inauguration of 16 new stores in the previous quarter alone. This strategic initiative brings the total count to an impressive 262 outlets spanning across 105 cities nationwide.
Originating in 2008 as a pioneering force in the online jewellery landscape, CaratLane has since emerged as a frontrunner in shaping India’s burgeoning market for accessible and stylish jewellery pieces. Titan’s initial investment in CaratLane back in 2016 marked the inception of a fruitful partnership, catalyzing the brand’s exponential growth trajectory over the ensuing eight years, in conjunction with the esteemed Tanishq brand.
Embracing the evolving preferences of today’s discerning consumers, CaratLane has curated a stunning array of jewellery offerings tailored to the contemporary woman. Notably, in a significant development last year, the company secured a substantial 27.18% stake in CaratLane previously held by the founder and his family members, marking a pivotal milestone in its growth journey.
