CaratLane recorded a 27.9% YoY growth in its total income at INR 829 Cr in Q2 FY25
The omnichannel jewellery startup clocked an EBIT of INR 58 Cr in Q2 with a margin of 7%
The Tata-owned company opened 11 new outlets during the quarter under review, taking the total store count to 286 spread across 119 cities pan-India
Tata-owned omnichannel jewellery startup Caratlane
recorded a 27.9% year-on-year growth in its total income at INR 829 Cr in the second quarter of the financial year 2024-25 (Q2 FY25), driven by strong customer demand for its studded products.
Total income excluded bullion and digi-gold sales of INR 143 Cr and INR 63 Cr in Q2 FY25 and Q2 FY24, respectively, CaratLane’s parent Titan said in an earnings statement.
Further, CaratLane clocked an EBIT (earnings before tax and interest) of INR 58 Cr in the July to September quarter, with a 7% margin.
Revenue from the studded category jumped 41% YoY, its contribution improving by 7 percentage points to 79% for the quarter under review, the company said.
“Activations in July and August 2024 spurred growth in new customer acquisition by c. 21% YoY and growth in brand searches by c. 30% YoY,” it added.
Additionally, CaratLane opened 11 new outlets during the quarter under review, taking its total store count to 286 spanning across 119 cities pan-India. The startup also claimed that the brand campaign of #WearYourWins, launched in July, which encouraged women to celebrate their wins, garnered strong engagement across all channels.
Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane is an omnichannel brand that manufactures and sells jewellery items in India.
Titan Company bought an additional 27.18% stake in CaratLane for INR 4,621 Cr at nearly INR 17,000 Cr valuation last year, increasing its total shareholding to over 99%. Afterwards, the watchmaker bought the remaining 0.36% stake in the startup for INR 60.08 Cr, turning CaratLane into its wholly-owned subsidiary.
CaratLane competes against the likes of legacy players such as Kalyan Jewellers, Malabar Gold, as well as new-age brands such as BlueStone and GIVA.
The Chennai-based jewellery startup reported a profit of INR 78.6 Cr in FY24down 5% from INR 82 Cr in the previous fiscal year. Meanwhile, the brand’s operating revenue surged 41% YoY to INR 3,080 Cr in the fiscal year ended March 2024.
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