Despite a sharp rise in gold prices during the second half of the quarter, Kalyan Jewellers, a prominent jewellery player, reported a robust 34 percent increase in its consolidated revenue during the fourth quarter of FY2024, as per its quarterly update on the BSE.
For the entire fiscal year FY2024, the jewellery retailer experienced a 31 percent growth in its consolidated revenue compared to the previous year.
Regarding the India market, the company noted that its business revenue in India surged by 38 percent in the quarter, driven by strong operational performance and healthy growth in same-store sales.
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For its digital-first brand, Candere, the company experienced a 12 percent revenue growth in the March quarter.
“We continue to observe positive trends in our already established physical showrooms. However, for the full fiscal year FY2024, Candere reported a revenue decline of approximately 17% compared to the previous year,” stated the filing.
In 2024, Kalyan inaugurated 71 new showrooms, bringing the total count to 253 across India and the Middle East. For FY2025, the company aims to open at least 130 showrooms in India (80 under Kalyan and 50 under Candere) and an additional 6 showrooms in the Middle East and USA.
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