Caratlane, India’s leading jewellery chain and a strategic part of Tata Tanishq opened its 200th store on 31 Mar. ‘23 as the financial year came to an end. The 200th store opened at Lucknow and 20 more stores were opened the same day at cities like Anantpur, Pondichery, Ajmer, Kangra, Patna, among others. With this launch, the brand has cemented their spot as one of the leading omnichannel jewellery brands in 91 cities across India, spanning across a massive 2.73 lakh sq ft in retail.
Prashant Chaudhary, Vice President, Omni Business, CaratLane, said, “We are thrilled to open our 200th store in Lucknow. Our aim is to provide customers with a seamless shopping experience, whether online or offline. We saw enthusiastic customers in Lucknow, and realised the high demand in this catchment area, and hence Gomti Nagar was a strategic choice. We are confident that our innovative retail format and curated jewellery collections will resonate with the people of Lucknow. What makes this day even more special is the launch of 20 other stores PAN India on the same day, which is something we have never done before. It brings me great joy to say that we are now available in 220 stores across India!”
Started in 2008 by Mithun Sacheti and Srinivasa Gopalan, Caratlane redefined premium jewellery shopping by offering doorstep trials, a first in the category. The unique customer outreach along with the excuisite range caught the attention of none other than Mr. Ratan Tata, former Chairman of the TATA Group. 62% of Caratlane was acquired by Titan Company Ltd., the parent of Tanishq Jewellery in 2016 for Rs. 357 Cr. Earlier, the Chennai based start-up had raised over Rs. 400 Cr (USD 58 mn based on the vale of $ then) over 4 rounds from various investors. CaratLane had a revenue of Rs. 671 Cr for Q3 FY22-23.
Over the years, jewellery is not just a savings for the future but also an important lifestyle accessory for women across age groups, such as students, those who visit a workplace and otherwise. While Tanishq plays to the premium and luxury end of the spectrum, Caratlane, with its affordable diamond jewellery range has attracted a whole new set of women customers in their 30s – 50s all across India. The company had around 100 stores until the pandemic began and has ramped up its store count in the last 3 years. Men too form a good chunk of its customers as the concept of gifting diamong jewellery is gaining pace in India over the last decade.