Kalyan Jewellers was founded by T S Kalyanaraman – who has over 45 years of retail experience with 25 years in the jewellery industry – in 1993 with one showroom in Thrissur. By FY25, it had 278 stores in India. It entered the Middle East in 2014 and operates 36 showrooms in the region (Mar-27), and 1 store in the US. Kalyan also sells jewellery through its omni platform Candere at www.candere.com and operates 73 Candere showrooms in India
Highlights from our interaction with management of Kalyan Jewellers (Kalyan) include: 1) Despite an increase in the gold price (up 15% QoQ) and higher competitive intensity, growth momentum remains strong in Q4 driven by a robust wedding season and consumer engagement. 2) Capital efficient / asset-light store addition pipeline remains strong for next two years with a target to add ~90 stores p.a.
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