Kalyan Jewellers, a leading retail jewellery brand, is set to enter the US market with its first showroom scheduled to open by Diwali. Additionally, the company plans to launch 40 new Kalyan showrooms and 30 Candere showrooms across India.
In its latest quarterly report, Kalyan Jewellers reported a 27% year-over-year revenue growth globally, with India operations seeing a 29% increase in revenue during Q1 FY2025. Revenue from the Middle East operations also grew by 16% year-over-year. Candere, the company's subsidiary, achieved a revenue growth of 13% year-over-year.
The company highlighted strong operational performance across all its markets despite challenges such as volatility in gold prices. The quarter saw the launch of 13 new Kalyan showrooms in India, with more planned in the upcoming quarters.
Kalyan Jewellers emphasized its digital-first approach with Candere, which recorded a 13% revenue growth in the quarter. The company also announced plans to convert Candere into a wholly-owned subsidiary.
Looking ahead, Kalyan Jewellers is gearing up for the festive and wedding season with new showroom launches. By the end of the current financial year, the company aims to open over 130 new showrooms globally, including the US debut and expansions across India.
During the last quarter, Kalyan Jewellers launched a total of 24 new showrooms, bringing its global count to 277 as of June 30, 2024.
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