Latest news with #Bhaumik
Time of India
21 hours ago
- Business
- Time of India
CaratLane pilots own quick commerce; No plans for lab-grown diamonds
Bengaluru: Omnichannel jewellery retailer CaratLane is rolling out its own quick commerce initiative, commencing with pilots in Gurgaon and slated for Hyderabad and Bangalore, a senior official of the company said. Talking to ETRetail, Saumen Bhaumik, MD, CaratLane, emphasised the push for accelerated delivery times, targeting four to six hours in high-density PIN codes. "Quick commerce has proved many theories wrong, so we are trying to make sure the delivery process is shorter and faster with our own bandwidth and infrastructure," he stated. The development comes as retailers across categories are actively partnering with quick commerce platforms. Recently, Kalyan Jewellers joined hands with Swiggy's quick commerce platform - Instamart. CaratLane, which reported a 24 per cent jump in its topline in FY25, has been diversifying its product range. Bhaumik shared that beyond 18-carat and 14-carat offerings, the company has launched a 9-carat jewellery range. When asked if the brand plans to enter the growing lab-grown diamonds segment, Bhaumik reiterated CaratLane's stance. "No, CaratLane is not going to get into LGD. That's very clear. We are going to play in natural diamonds only." He further commented, "At the falling rate of LGDs, making money would be very difficult for anybody who is venturing into it." Additionally, Bhaumik highlighted the strong trend towards premiumisation in jewellery . He noted that the Rs 50,000 and above segment is growing the fastest. The increasing popularity of solitaires, particularly in the mini solitaire category (20-70 cents), is also driving this trend, attracting many first-time diamond buyers, he added. The Tata Group-owned jeweller retailer opened 50 stores last year and this fiscal is eyeing over 40 new stores. While online sales account for roughly 10 per cent of direct revenue, digital influence extends to 70-80 per cent of customer journeys, with many customers researching designs online before visiting a physical store, Bhaumik explained when asked about the revenue contribution of offline and online channels.
India.com
a day ago
- Business
- India.com
Ratan Tata's CaratLane makes big move, plans to…, big challenge for Mukesh Ambani, Kumar Mangalam Birla due to…
Titan Company's CaratLane is targeting higher revenue growth than the previous financial year, over the growing popularity of lower-carat jewellery among younger Indians and plans for new store openings, its CEO told Reuters. Brands like CaratLane and Kalyan Jewellers' Candere are rapidly expanding their offerings of lower-carat jewellery considering a younger demographic that views jewellery more as a fashion accessory than a traditional investment approach. Earlier this year, CaratLane introduced 9-carat jewellery around Valentine's Day, a significant move in a market predominantly dominated by 22-carat gold purchases. 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. Mukesh Ambani's Reliance Industries also owns the jewelry brand Reliance Jewels . Kumar Mangalam Birla, the chairman of Aditya Birla Group, launched a jewellery brand named Indriya in July 2024. Tata's big boost for its jwellery business can challenge these existing players in this sector. (With Inputs From Reuters)
Fashion Network
3 days ago
- Business
- Fashion Network
Titan's Caratlane eyes growth, more stores as young Indians embrace low-carat jewellery
Titan Company's 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' 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.
Mint
27-05-2025
- Business
- Mint
No rush to expand: CaratLane to open 40 stores this year, down from 50 last year
New Delhi: Titan Company Ltd-backed diamond retailer CaratLane will open 40 stores this fiscal year, less than the 50 outlets launched in the previous fiscal year. "We would not be rushing our expansion because we are still a diamond-centric retail outlet and we will go by our experience," said Saumen Bhaumik, CEO and managing director of CaratLane. 'There's a very robust system based on how many people search for us, how many orders we get. Plus, we also started physical roadshows. All of these help us decide which are our next markets. I think about 40 to 50% of the stores will probably be in the existing cities." The retailer's total income increased 23% year-on-year to ₹883 crore in the March quarter. Revenue from the studded category rose by 19%, while all other categories (gold jewellery, gold coins) collectively grew 44%. Buyer growth came in at about 5%, according to Titan's March quarter earnings release. For the full year, total income grew 24% to ₹3,583 crore. Also Read | Why lab-grown diamonds are booming in India—and what's driving first-time buyers to skip mined stones CaratLane added a net 17 stores in India during the quarter, bringing the total store count to 322 across 139 cities. For the full year, it added 50 stores, in line with the number added in FY24. The retailer has faced challenging months since December because high gold prices spooked consumers. Demand may improve over the coming months, but recovery will be gradual, Bhaumik said. "We had a relatively poor December i.e. after the wedding season. But we did a few things and as a result, January and February, we actually saw growth in excess of 30%, which was pretty good, given the circumstances. March was a flattish month. We also wanted to use the month of March to prepare for the next 12 months," he said. During the quarter, the company launched a Valentine's Day collection with pieces starting as low as ₹3,999 for 9-carat gold ornaments. High gold prices Gold prices surged earlier this year, reaching ₹1 lakh per 10 grams. While the company sells diamond-studded jewellery and solitaires, high gold prices impact consumer sentiment, Bhaumik said "Gold price hikes do take a hit on sentiment," he said. "Indulgence (purchases) comes under pressure, therefore we need to continue to be truly affordable… While gold does influence sentiment—our life gets a little less affected. The first thing that comes to my customer's mind is that diamonds are not an investment, unlike gold. People buy and wear it forever," he explained. Also Read | India's diamond market to double in five years, says De Beers Group Global CEO Al Cook, the CEO of global diamond trader De Beers, recently suggested that India's diamond market – estimated at under $10 billion currently – could double by 2030. Bhaumik said that less than 10% of jewellery consumers in India currently buy diamonds. "There is a huge amount of headroom for diamonds in India. With the overall exposure, orientation towards adornment and self-gifting and so forth, my sense is that in India, diamonds could grow and grow for a significant amount of time," he said. The retailer draws 90% of its business from stores. Impact of competition Titan first acquired a 62% stake in the then-online retailer for ₹357.24 crore in 2016, making it a subsidiary of the company. In 2023, it increased its shareholding in CaratLane Trading Private Ltd to 98.28% from 71.09%, paying ₹4,621 crore for the additional stake. Titan's Tanishq is among the largest gold jewellers in India. Bhaumik said the company has no plans to enter the lab-grown diamond market, which has emerged as formidable competition to natural diamonds. Also Read | The fall and rise of fine jewellery startup BlueStone "Would it keep the diamond market unaffected? I don't think so. But net-net, natural diamonds will probably have a longer lasting lifeline than we were currently talking about. My view is the diamond industry will grow," he added Bhaumik said that while there will never be enough retail stores to address a country of India's size and spend, online shopping would also continue to play to its advantage. 'We are also pressing the button on growing online significantly," he said.
