Titan's CaratLane eyes growth, more stores as young Indians embrace low-carat jewellery
June 9 (Reuters) - Titan Company's (TITN.NS), opens new tab CaratLane aims to surpass last financial year's revenue growth, as younger Indians warm up to lower-carat jewellery and the brand plans to open more stores, its top boss told Reuters.
Brands selling lower-carat jewellery, including CaratLane and Kalyan Jewellers' (KALN.NS), opens new tab Candere, are rapidly expanding as younger Indians increasingly buy such pieces for adornment in a country that traditionally views jewellery as an investment.
Around Valentine's Day this year, CaratLane launched 9-carat jewellery in a country that mainly buys 22-carat gold.
Candere plans to open 80 stores in India in the year that started April 1, matching the number of higher-priced Kalyan locations planned for the same period, while larger-sized CaratLane aims to open more than 40 outlets, mostly in smaller cities.
As of end-March, CaratLane had 322 stores, making it the second-largest jewellery brand by store count within the Tata Group. The brand contributes about 6% to Titan's overall revenue.
"Overall growth (in fiscal 2026) ... will be no less than what we have done last year," CaratLane Managing Director Saumen Bhaumik said in an interview after market hours on Friday.
In the year ended March 31, CaratLane's topline jumped 24% to 35.83 billion rupees ($418.96 million), with earnings before interest and taxes at 2.96 billion rupees, helping the brand record its best year.
Profit for the nascent financial year "is going to be significantly better", Bhaumik said.
In recent months, while soaring gold prices have led many Indians to opt for lightweight, lower-carat jewellery to stay within budget, Bhaumik said CaratLane's average bill value has still inched up by a tenth, aided by new launches.
CaratLane plans to open a second U.S. store in Dallas by the festival of Deepavali this year and two Dubai outlets within eight months.
($1 = 85.5210 Indian rupees)
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