By IFAB MEDIA - NEWS BUREAU - May 10, 2023 | 25 3 minutes read
CaratLane, India’s largest digitally native omni-channel jewellery brand ended the year on a high crossing INR 2000 cr. in revenue for the first time. While the category saw a huge slowdown in customer sentiment towards the end of the quarter, CaratLane delivered a revenue (NSV) of INR 571.24 crores for the year 2022-2023 (56.7 percent 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, COO & 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. Our goal is to have jewellery designs that are relevant across all life stages of our customers, starting with their first ear piercing to everyday wear designs as well as jewellery for occasions like their engagement, wedding gifts and all milestone anniversaries and birthdays. Focusing on the customer life cycle and helping them discover the right designs at the right time is a big lever for our repeat business. And now 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 Mn 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 percent, delivering a 3-year CAGR of 52 percent. This year, we have reached several milestones, but the most significant for us has been crossing the 1 Mn customer mark. As a gifting brand, we have established our position in the market and remain committed to enhancing the consumer experience by helping them express their emotions to their loved ones. 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 INR 8.4 Cr with 50 percent growth over the previous year.