Tata's Titan to buy Rs 60 crore worth CaratLane shares to make it wholly owned company

Tata-owned Titan Company today announced that it will acquire the remaining 0.4% stake in CaratLane to make it a wholly-owned subsidiary. The company will acquire 1,19,489 shares, which are currently held by individual shareholders, representing a 0.36% stake in CaratLane.

Titan currently holds 99.64% of CaratLane's shares. This purchase, valued at over Rs 60 crore, is set to be completed by the end of March, as per the company's exchange filing.

How well is CaratLane performing financially?

For the fiscal year 2022-23, CaratLane reported a turnover of Rs 2,177 crore, with a remarkable 32% increase in income to Rs 893 crore for the quarter ending in December.

The brand has aggressively expanded its presence, including the opening of 16 new stores last quarter, bringing the total to 262 across 105 cities.

Titan's investment in CaratLane

Founded in 2008, CaratLane started as a purely online brand with an aim to lead and shape the fast-growing Indian market for affordable and accessible jewellery. In 2016, Titan made its first investment in CaratLane and over the past 8 years, in partnership with Tanishq, the brand has grown by leaps and bounds, the company said.

CaratLane has expanded consumer purchase preferences, offering beautiful, fashionable jewellery for the contemporary woman of today's era. Last year, The company acquired a 27.18% stake in Caratlane held by the founder and his family members for Rs 4,621 crore.