CaratLane delivered a revenue of Rs 571.24 crore for the year 2022-2023 and EBIT at 6.9%
Mumbai: Omni-channel jewellery brand CaratLane ended the year on a high crossing of Rs 2000 crore in revenue. While the category saw a huge slowdown in customer sentiment towards the end of the quarter, CaratLane delivered a revenue of Rs 571.24 crore for the year 2022-2023 (56.7% growth over Q4 FY22) and EBIT at 6.9%.
The brand searches have grown over 60% in the year signalling a growing consideration for the brand across all key markets.
Avnish Anand, chief operating officer and co-founder of CaratLane said, “Our business is built on making jewellery accessible to customers at a pin code level, and this year our focus has been on ensuring the smooth transition of our customers from online browsing to retail stores or other channels.”
“Apart from this we also want to solve all jewellery-related needs for our customers, and in the last year we have launched new services like ear piercing, while expanding our old gold exchange, jewellery engraving and jewellery cleaning services. In the last few months over 1000 children have got their first piece of jewellery from CaratLane, through ear piercing.”
“With over 227 stores in 88 cities across the country and an aggressive plan for the coming year, we are excited to reach our next 1 Million customers.”
Commenting on the results, Mithun Sacheti, managing director CaratLane said, “Over the past few years, we have experienced consistent growth despite certain unfavourable macro conditions. In FY23, we achieved an impressive growth rate of 73%, delivering a 3-year CAGR of 52%. This year, we have reached several milestones, but the most significant for us has been crossing the 1 Million customer mark.”
“Additionally, we have expanded our retail footprint to new cities like Mathura, Kangra, and Ajmer while continuing to cater to our global customers. We aspire to be the destination for everyday wear diamond jewellery for women across the globe.”
For the International business, Q4 has seen an increase in efficiency as well as conversions, while the business grew at 60% YoY. The focus is on acquiring new customers, with the lifetime base for the US markets crossing 20,000. The Silver business Shaya closed Q4 Rs 8.4 Cr with 50% growth over the previous year.
CaratLane – a Tanishq Partnership is an Omni-channel jewellery brand, established in 2008 by Mithun Sacheti and Srinivasa Gopalan.
With a strategic investment from Titan Company Limited, CaratLane partnered with Tanishq. The partnership aims to work towards a common mission to offer customers jewellery and a distinctive shopping experience – enabling CaratLane to grow as India’s 21st-century jewellery brand.
The brand now has over 170 brand stores across the country and it has also pioneered a 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 shop with the help of a an expert over a video call.
