CaratLane, the omni-channel jewellery brand, has achieved a notable milestone by expanding its retail footprint to 250 stores across 100 Indian cities. The company proudly shared this accomplishment on social media alongside the inauguration of its newest store in Gujarat. The 250th outlet now stands in Sargasan, Gandhinagar, Gujarat.
“We are thrilled to announce we are now 250 stores strong in 100 cities across the country just in time for Diwali! This journey has been nothing short of extraordinary, and it’s all thanks to our incredible team and the support of our loyal customers,” the jewellery retailer said in a LinkedIn post on Friday.
Throughout the current year, CaratLane has been in a phase of dynamic expansion, exemplified by its successful opening of over nine stores in October. These new establishments have been strategically positioned in diverse locales such as Bengaluru, Gandhinagar, Udaipur, Chennai, Darbhanga, Patna, Nellore, New Delhi, and Asansol.
In 2008, Mithun Sacheti and Srinivasa Gopalan founded a Chennai-based jewelry brand. Initially, they launched it as an online brand, specializing in a wide range of jewelry items, including rings, earrings, bracelets, bangles, and solitaires.
During July 2016, the Tata Group made a significant investment in the company via its subsidiary Titan. Following this development, in September 2018, the retailer introduced “Shaya by CaratLane,” a silver jewelry brand affiliated with CaratLane as part of the Tanishq Partnership.
At the end of the fiscal year (FY) 2023, the company achieved impressive results, surpassing INR 2,000 crore in revenue. It reported a revenue of INR 571.24 crore for FY 2023, demonstrating a substantial growth of 56.7% over Q4 FY22, as per a previous filing.