Titan reports over 60% revenue increase for CaratLane in FY18

Titan Co. Ltd acquired CaratLane two years ago and, reporting a 60 percent revenue increase for the 2018 financial year, the business’ jewellery division head, C.K. Venkataraman, has expressed his satisfaction with the results.

Titan reported an over 60% revenue increase for CaratLane in FY18 - CaratLane- Facebook

“CaratLane’s financial performance is going as planned,” Venkataraman said in an interview. “You have to bet on the long-term and we are quite satisfied with the acquisition. There is total alignment now between the founder of CaratLane and Titan.”

Although the financial results’ figures have not been released, a Bombay Stock Exchange (BSE) filing by Titan stated that revenue had increased by “over 60 percent” for CaratLane in the financial year that ended in March 2018. This was the first time that Titan has announced CaratLane’s growth results separately to its own after acquiring the brand from Tiger Global Management in 2016. 

CaratLane began business as an online jewellery platform but, as it was consistently getting high value orders averaging between Rs 17,000 and Rs 18,000, the business decided to venture into offline retail. The brand opened 22 new flagship stores in the 2018 financial year and now has a total of 36 retail outlets across India.

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