Kalyan Jewellers plans to debut in the United States with its first store opening by Diwali this year, marking a strategic step in its global expansion. This move aligns with Kalyan’s goal to extend its footprint beyond West Asia, where it currently operates 36 stores.
In a business update for the April-June 2024 quarter, Kalyan Jewellers announced its intention to launch 40 new showrooms under the Kalyan brand and 30 under its digital-first brand, Candere, within the fiscal year. This expansion aims to exceed 130 new outlets overall.
Meanwhile, Tanishq, a brand under Titan Company Limited, has been expanding in the US, with stores in New Jersey, Houston, Frisco, and Chicago.
According to a report by Indian Jeweller, Titan’s Managing Director CK Venkataraman indicated plans to introduce Tanishq’s digital-first brand, Caratlane, in the US this year, highlighting the growing competition in the global jewellery market.
Venkataraman noted a growing global appreciation for Indian cultural identity, which is driving Titan’s international expansion. Titan reported a 9% year-on-year revenue growth for the June quarter, with jewellery domestic operations growing by 8%, despite high gold prices.
Kalyan Jewellers reported a 27% year-on-year revenue growth for the same period, supported by strong performances in India and West Asia. Candere saw a 13% revenue increase, reflecting the importance of e-commerce in Kalyan’s strategy.
As Kalyan Jewellers prepares for its US launch and anticipates the festive and wedding seasons, starting with Onam, the company is optimistic about maintaining its growth amid a dynamic market.
Kalyan’s shares closed at Rs. 495 on the BSE, showing investor confidence in its expansion plans and strong financial performance.
