Mumbai, Maharashtra, India:
- Q3 FY23 Revenue at INR 671 Cr. at 51% growth, with an EBIT of INR 63.7 Cr.
- 2-year Revenue CAGR at 57%
- Total retail footprint stands at 175 stores across 67 cities pan-India, with 18 new stores added in this quarter
- Like-to-like retail sales growth of 35%
CaratLane, India’s largest digitally native omni channel jewellery brand continued its strong growth in Q3, on the back of high consumer demand in the festive season. CaratLane delivered a revenue (NSV) of Rs. 671 Cr for the quarter (51% growth over Q3FY22). The India business delivered a total revenue of Rs. 633 Cr (NSV) achieving a 50% growth over Q3FY22 and achieved an EBIT of Rs. 67.1 Cr (10.6%).
“Our business strategy has evolved keeping the customer at the centre. We want to solve for all the frictions in her journey. Our online first demand generation strategy uses bestselling designs in her pin code to build desire and then using various nudges we guide her to the channel of her choice like CaratLane LIVE, Try at Home or to any of the CaratLane stores in her vicinity that has the designs she wants to purchase. Our aim is to keep the journey simple for the customer and handle all complexity at our end. All parts of the integrated digital ecosystem (marketing, merchandising, product and supply chain) of CaratLane come together to enable her purchase. This helps us improve our business conversion at a pin code level,” Avnish Anand, COO & Co Founder of CaratLane said.
Commenting on the results, Mithun Sacheti, Managing Director CaratLane said, “CaratLane achieved a strong 51% growth while achieving another important milestone of crossing 126 Cr EBIT at a YTD level. We are excited to constantly innovate not only our jewellery design but also in other parts of the customer journey. CaratLane opens stores based on the digital browsing of customers. Our marketing is focused on targeting customers in these store catchments. This creates a virtuous cycle where most customers who are being targeted end up having a store in their neighbourhood. This quarter we have opened stores in cities like Kanpur, Amritsar and Anantapur. This leads to better conversion and higher L2L growth. It also reduces our customer acquisition costs and enables more customers to get access to affordable diamond jewellery.”
For the International business, Q3 has been a successful quarter in establishing a sustainable, growing business. The US business continues to form ~95% of the international business and has delivered the highest ever booked revenue of 2.2 Mn USD at 67% YoY growth. The Silver business Shaya closed Q3 at INR 9.8 Cr achieving 103% growth over previous year.
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
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