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CaratLane records 109 per cent growth in EBIT in Q2

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CaratLane’s Q2 FY23 revenue stood at Rs 445 Cr a growth of 54% YoY, with an EBIT of INR 29 Cr. The brand recorded like-to-like retail sales growth of 41%

CaratLane's opened its 150th store in Bengaluru
CaratLane's 150th Store, which it opened at Bengaluru in October

Mumbai: Omni-channel Jewellery chain CaratLane recorded a revenue (NSV) of Rs. 445 Cr for the quarter (54% growth over Q2FY22). The India business delivered total revenue of Rs. 421 Cr (NSV) achieving a 57% growth over Q2FY22. and achieved an EBIT of Rs. 34 Cr (8.1%). With continuous investments in the International business, the consolidated EBIT stood at Rs. 29 Cr (6.5%). During the festive season, CaratLane delivered revenue of 253 Cr in India, a 50% growth over last year.

“We have always followed an omnichannel, digital-first approach driving discovery of the brand and designs online and guiding the customers to the most convenient channel for trial and purchase,” Avnish Anand, COO & co-founder of CaratLane said.

CaratLane uses a targeted approach by identifying customers in the catchment of the stores, basis their pin code and showcases the best designs available to them. It offers features like 24-hour Delivery, Buy Online Pick Up in Store (BOPIS), Find in Store or Book a Try at Home appointment to enable customers to complete their transactions.

“We also use several interventions and messaging during the digital journey of the customers to help them find the right designs and guide them to the right channel. This ensures that 80% of the footfalls in our stores are digitally influenced high intent customers, leading to a high conversion rate,” Anand added.

US business continues to form a majority of CaratLane’s international business and has delivered a booked revenue of 1.92 Mn USD for the quarter. The US business started fulfilment for Canada from the New York warehouse thereby reducing lead times for delivery and better customer experience for the Canadian market.

The Silver business Shaya closed Q2 at INR 9.4 Cr achieving 107% growth over previous year. The total retail footprint for the brand is 16 stores across all formats.

“Our results in Q2FY23 were satisfactory despite a slow consumer sentiment quarter. We continue to focus on driving a true omni channel experience for customers by making sure the right design is available at the right locations,” Mithun Sacheti, Managing Director CaratLane said.

“Our retail footprint is now at 157 stores, and we are going deeper into the heart of India with new launches in cities like Guntur, Ambala, Burdwan, Rajkot, Mangalore etc. We are also looking to expand to more tier 2 cities where customers have shown a demand for the brand. We are also building our international business aggressively to capture the demand of customers of Indian origin across the globe,” he added.

Recently, CaratLane opened its 150th store at Bengaluru.