Q2 FY2025: KALYAN JEWELLERS SHINES WITH 37% REVENUE GROWTH AND EXPANDS GLOBAL FOOTPRINT
7th October 2024
The recently concluded quarter has been very encouraging, recording consolidated revenue growth of approximately 37% compared to the same period in the previous financial year. Kalyan Jewellers shines with 37% robust revenue growth, reflecting the company’s continued success.
India Operations Growth
Our India operations witnessed revenue growth of approximately 39% during Q2 FY2025 as compared to Q2 FY2024, led by robust operating momentum on the ground across all markets with healthy same-store sales growth of approximately 23%. Custom duty reduction on gold imports, announced during the Union Budget, resulted in significantly higher levels of footfalls from the last week of July till the end of August, mostly negating the impact of 14 days of Shradh (when sales are typically more muted) during the quarter and extreme volatility in gold prices. In comparison, only two days of Shradh were part of the second quarter in the base year.
FOCO Showroom Expansion in India
We launched 15 Kalyan Franchisee-Owned-Company-Operated “FOCO” showrooms in India during the recently concluded quarter, with a strong pipeline of showrooms set to open over the course of October in line with our previously communicated guidance.
Middle East Operations and Growth
In the Middle East, we witnessed revenue growth of approximately 24% when compared to the same period in the previous financial year. During the recently concluded quarter, we completed the first set of conversions of owned showrooms to FOCO showrooms, taking the total number of franchised showrooms in the region to four. Middle East contributed ~13% to our consolidated revenue for the recently concluded quarter.
Digital Platform Candere Growth
Our digital-first jewellery platform, Candere, recorded a revenue growth of approximately 30% during the recently concluded quarter as compared to the same period during the last year. We launched 12 Candere showrooms during Q2 FY2025.
Future Plans and Showroom Launches
As part of the previously communicated plan of launching 130+ new showrooms during the current financial year, in addition to the 51 showrooms already opened, we have drawn up plans to launch another ~25 Kalyan showrooms in India, ~18 Candere showrooms, and the first showroom in the U.S. by Diwali. The festive season has just started, and we are gearing up with showroom launches, fresh collections, and campaigns.
Total Showrooms as of September 2024
During the recently concluded quarter, we launched 26 net showrooms across Kalyan and Candere formats, taking the total number of showrooms as of 30th September 2024, to 303 (Kalyan India – 231, Kalyan Middle East – 36, Candere – 36).
