Strong gold demand across markets propelled Kerala-based jewelry retailer Kalyan Jewellers’ double-digit revenue and same-store sales growth in the September quarter (Q2FY25). The news comes after competitor Titan revealed a 25% year-over-year increase in domestic operations for the second quarter, following a comparatively weak June quarter.
Kalyan Jewellers announced on Monday that its September quarter consolidated sales growth was up about 37% year over year, helped by strong operating momentum. According to Kalyan’s most recent business update, its India operations saw a 39% year-over-year increase in revenue in Q2 and a roughly 23% growth in same-store sales.
In Q2, West Asia accounted for almost 13% of Kalyan’s total income. Meanwhile, the company’s digital-first jewelry platform, Candere, experienced a 30% increase in revenue over the previous year. During the quarter, the company also opened 12 new Candere showrooms.
The Kalyan Jewellers has opened 15 Kalyan Franchisee-Owned-Company-Operated (FOCO) showrooms in India. According to their previously shared advice, they have a solid pipeline of showrooms scheduled to open throughout October. After Q2, Titan’s overall retail footprint stood at 3,171 outlets after adding 75 stores (net) to its network.
Conversely, Kalyan intends to open more than 130 showrooms by FY25; about 25 of them will be located in India, along with 18 Candere showrooms and the first Diwali showroom in the US. The company opened 26 showrooms in the Kalyan and Candere formats in the September quarter, bringing the total number of showrooms to 303 outlets by the conclusion of the quarter.
