07 Apr , 2025 By : Debdeep Gupta
Gold jewellery retailer Kalyan Jewellers' share prices fell over 3 percent in early trading on April 7, tracking overall weakness in equity markets, even though the company shared a healthy business update of 37 percent consolidated revenue growth during the March quarter compared to a year ago.
The India operations of Kalyan Jewellers reported a 39% on-year revenue growth for the March quarter, driven largely by wedding-related demand. The company said its same-store sales growth (SSSG) came in at around 21% for the quarter, while it added 25 showrooms in India during Q4FY25 and launched three more in the first week of April.
In the Middle East, revenue rose by 24% compared to the same quarter last year, largely attributed to existing stores. The Middle East business accounted for roughly 12% of Kalyan’s consolidated revenue, the company said.
Kalyan's digital-first platform Candere reported a 22% on-year decline in revenue, during the March quarter. The company opened 14 Candere showrooms during the Q4FY25.
Looking ahead to FY26, the company reiterated plans to launch 170 new showrooms across its Kalyan and Candere formats. These would include 75 franchise-owned company-operated (FOCO) Kalyan stores outside of south India, 15 FOCO showrooms in south India and international markets, and 80 Candere showrooms in India.
As of March 31, 2025, Kalyan had a total of 388 showrooms, 270 in India under the Kalyan format, 36 in the Middle East, one in America, and 73 under the Candere brand.
Last week, during an exclusive chat with Moneycontrol, Kalyan's Executive Director Ramesh Kalyanaraman sounded confident that the reciprocal tariffs will have limited impact on the company's business.
“Our only US store sources material from Dubai, where the export duty has now moved to 10 percent under the new tariff. So the difference is marginal", Ramesh Kalyanaraman added, “There is no negative impact. The only change, which is very minimal, is the 3 percent increase in duty from Dubai. That cost would ultimately be passed on to the end-consumer.”
Donald Trump's 26 percent reciprocal tariff on Indian goods is expected to hit the $32 billion gems and jewellery export market, of which the US accounts for about $11.58 billion, or 34 percent.
0 Comment