Latest news with #RameshKalyanaraman
Mint
16-06-2025
- Business
- Mint
Runaway gold prices nudge buyers to studded jewellery
A sharp rally in gold pushed many price-conscious Indians to choose studded jewellery instead of plain gold jewellery in the March quarter, sales data of leading retailers showed. At Titan Co. Ltd, India's largest jewellery retailer by revenue and market capitalization, sales of diamond-studded jewellery grew 12% from a year earlier, while overall domestic jewellery sales grew 23.4%. Studded jewellery accounted for 30% of its domestic jewellery business during the quarter. The story was different at its rivals. At Kalyan Jewellers Ltd, the second biggest gold retailer, studded jewellery sales grew 47.6% from a year earlier, compared to 38% in domestic jewellery sales. Studded jewellery accounted for 31% of Kalyan's revenue in the country in the fourth quarter. Senco Gold and Diamonds and PN Gadgil Jewellers witnessed the same trend. Studded jewellery grew 38% and 31% at Senco and PD Gadgil, respectively, in the January-March period, even as the overall business grew 21% and 5% for the third and fourth-largest gold retailers, respectively. Studded jewellery accounted for about 11% at Senco and 8% at PN Gadgil. Also read | Gold duty evasion fight turns into a game of whack-a-mole "There was a whopping increase in demand for studded jewellery," Titan's jewellery division chief executive officer (CEO) Ajoy Chawla said in a post-earnings call on 8 May. Chawla will take over as Titan CEO in January next year. The sales data indicates a shift towards lighter and more affordable precious stone jewellery, in an industry long dominated by traditional gold. 'Over the past few quarters, we have observed a notable increase in consumer interest in diamond-studded gold jewellery," Ramesh Kalyanaraman, executive director at Kalyan Jewellers, said in an email. "Studded conversion becomes easier when the gold price is very high," said T.S. Kalyanaraman in a post-earnings interaction on 8 May, adding that gold prices had increased by 30% in the last fiscal year. Gold rose 31% during the last fiscal year, from ₹69,471 for 10 g on 1 April, 2024, to ₹91,190 on 31 March 2025. It has gained further in FY26, closing at ₹1,00,280 on Friday. Read this | Mint Explainer: What are RBI's final norms for loans against gold and silver? T.S. Kalyanaraman is Ramesh Kalyanaraman's father and is currently the managing director of Kalyan Jewellers. Kalyanaraman explained this was primarily because the precious stones could account for 40-45% of the jewellery instead of buying plain gold. "As of Q4 FY25, the 'stud ratio' improved to 8%, while witnessing a 30.8% year-on-year rise in the studded revenue, highlighting its growing popularity," said a spokesperson for PN Gadgil, referring to the percentage of sales generated from jewellery that is decorated with studs like diamonds or other precious stones. PN Gadgil said there is a rising interest among young urban shoppers in solitaires, light earrings, and daily-wear designs, driving the growth of the studded jewellery segment. Emails sent to Titan and Senco Gold went unanswered. Over the past year, gold prices have surged because of macroeconomic uncertainty and geopolitical skirmishes, which have nudged investors to buy gold. According to Kalyan Jewellers, the studded jewellery segment's gross margin is estimated to be between 30 and 35% compared to 10 and 14% for plain gold. And read | Cooling gold prices: What it means for you 'Jewellery is becoming a daily-wear fashion choice, as what used to be a planned purchase is now more impulsive," said Naveen Trivedi, senior analyst at Motilal Oswal Financial Services.
Fashion Value Chain
20-05-2025
- Entertainment
- Fashion Value Chain
Shah Rukh Khan Joins Candere as Brand Ambassador
Candere, the lifestyle jewellery arm of Kalyan Jewellers, has appointed Shah Rukh Khan as its brand ambassador, strengthening its positioning in India's fast-evolving lifestyle jewellery segment. The collaboration marks a key milestone in Candere's national growth strategy, focusing on personal expression, modern gifting, and daily wear elegance. Candere's collections are crafted for the expressive and style-conscious, especially those with a Gen Z mindset. With a robust omni-channel presence and over 75 stores, the brand balances affordability and elegance, with pieces starting at ₹10,000. Shah Rukh Khan will front campaigns across digital, TV, print, and in-store platforms. Ramesh Kalyanaraman, Director at Candere, stated that Khan's timeless appeal and emotional connect mirror Candere's core values of individuality and modernity. The brand has seen strong traction not only in women's jewellery but also in the expanding men's jewellery market. Shah Rukh Khan shared his enthusiasm about joining Candere, noting the brand's relevance in today's culture of meaningful gifting and identity-driven adornment. Candere continues to elevate jewellery from mere ornamentation to a statement of self.
Business Mayor
18-05-2025
- Business
- Business Mayor
India's Kalyan Jewellers bets store-opening spree will fuel revenue growth, top executive says
India's Kalyan Jewellers is targeting revenue growth of more than 25 per cent this financial year as the gold and diamond retailer quickens store openings amid a rising preference for lower-carat jewellery, its executive director said on Tuesday. Record high gold prices have not deterred the wealthy from investing in gold and buying ornaments in the second-largest gold buying country but the middle class is switching to lower-carat and lightweight jewellery. Consumers are favouring chains over independent jewellers, shopping frequently, and spending more on gifts, Kalyan Jewellers' Executive Director Ramesh Kalyanaraman said in an interview. 'The advantage of Kalyan today is we can grow across the country … We have a lot of markets to go and explore,' he said, forecasting that revenue would 'easily' rise over 25 per cent for the fiscal year that started on April 1. The jeweller, which had 278 showrooms branded 'Kalyan' and 73 stores under the more affordable 'Candere' brand in India at March-end, plans to open shop at 160 new locations this fiscal year, with the additions split evenly between the two brands. Its bigger rival Titan had more than a thousand jewellery stores in India at March-end, with roughly half of those under its flagship 'Tanishq' brand. In three years, Kalyan Jewellers aims its 'Kalyan' branded stores to catch up with Titan's 'Tanishq' count, the executive director said, but flagged that the rapid expansion would squeeze the group's core earnings margin. Read More Welspun plans home run after going around the world For the year ending on March 31, Kalyan Jewellers reported a more than one-third rise in revenue to 250.5 billion rupees ($2.9 billion), helped by double-digit percentage same-store sales growth as it opened 136 stores in India. Titan's mainstay jewellery business saw a 21 per cent increase in total income to 465.7 billion rupees for the fiscal year.
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Business Standard
14-05-2025
- Business
- Business Standard
Kalyan Jewellers eyes revenue growth through store-opening spree: Executive
India's Kalyan Jewellers is targeting revenue growth of more than 25 per cent this financial year as the gold and diamond retailer quickens store openings amid a rising preference for lower-carat jewellery, its executive director said on Tuesday. Record high gold prices have not deterred the wealthy from investing in gold and buying ornaments in the second-largest gold buying country but the middle class is switching to lower-carat and lightweight jewellery. Consumers are favouring chains over independent jewellers, shopping frequently, and spending more on gifts, Kalyan Jewellers' Executive Director Ramesh Kalyanaraman said in an interview. "The advantage of Kalyan today is we can grow across the country ... We have a lot of markets to go and explore," he said, forecasting that revenue would "easily" rise over 25 per cent for the fiscal year that started on April 1. The jeweller, which had 278 showrooms branded "Kalyan" and 73 stores under the more affordable "Candere" brand in India at March-end, plans to open shop at 160 new locations this fiscal year, with the additions split evenly between the two brands. Its bigger rival Titan had more than a thousand jewellery stores in India at March-end, with roughly half of those under its flagship "Tanishq" brand. In three years, Kalyan Jewellers aims its "Kalyan" branded stores to catch up with Titan's "Tanishq" count, the executive director said, but flagged that the rapid expansion would squeeze the group's core earnings margin. For the year ending on March 31, Kalyan Jewellers reported a more than one-third rise in revenue to Rs 25,050 crore ($2.9 billion), helped by double-digit percentage same-store sales growth as it opened 136 stores in India. Titan's mainstay jewellery business saw a 21 per cent increase in total income to Rs 46,570 crore for the fiscal year.
Reuters
14-05-2025
- Business
- Reuters
India's Kalyan Jewellers bets store-opening spree will fuel revenue growth, top executive says
May 14 (Reuters) - India's Kalyan Jewellers ( opens new tab is targeting revenue growth of more than 25% this financial year as the gold and diamond retailer quickens store openings amid a rising preference for lower-carat jewellery, its executive director said on Tuesday. Record high gold prices have not deterred the wealthy from investing in gold and buying ornaments in the second-largest gold buying country but the middle class is switching to lower-carat and lightweight jewellery. Consumers are favouring chains over independent jewellers, shopping frequently, and spending more on gifts, Kalyan Jewellers' Executive Director Ramesh Kalyanaraman said in an interview. "The advantage of Kalyan today is we can grow across the country ... We have a lot of markets to go and explore," he said, forecasting that revenue would "easily" rise over 25% for the fiscal year that started on April 1. The jeweller, which had 278 showrooms branded "Kalyan" and 73 stores under the more affordable "Candere" brand in India at March-end, plans to open shop at 160 new locations this fiscal year, with the additions split evenly between the two brands. Its bigger rival Titan ( opens new tab had more than a thousand jewellery stores in India at March-end, with roughly half of those under its flagship "Tanishq" brand. In three years, Kalyan Jewellers aims its "Kalyan" branded stores to catch up with Titan's "Tanishq" count, the executive director said, but flagged that the rapid expansion would squeeze the group's core earnings margin. For the year ending on March 31, Kalyan Jewellers reported a more than one-third rise in revenue to 250.5 billion rupees ($2.9 billion), helped by double-digit percentage same-store sales growth as it opened 136 stores in India. Titan's mainstay jewellery business saw a 21% increase in total income to 465.7 billion rupees for the fiscal year. ($1 = 85.2875 Indian rupees)
