Titan Company Limited announced that is has signed a Share Purchase Agreement with the Founder of Caratlane to acquire all the shares held by him and his family members representing 28.17% of the total paid up equity share capital for a total consideration of Rs 4621 crore.
Caratlane is an unlisted private company engaged in the manufacture and sale of jewellery and is a subsidiary of Titan. On acquisition, Titan would hold an aggregate of 98.28% of the equity share capital and voting rights (on a fully diluted basis) in Caratlane. The transaction is subject to completion of customary regulatory approvals and closing conditions and is expected to be financed through cash balances, internal accruals and debt.
Caratlane started as a pure online brand in 2008 with an aim to lead and shape the fast growing Indian market for affordable and accessible jewellery. Titan first invested in Caratlane in 2016 and over the past 8 years, in partnership with Tanishq, the brand has grown tremendously.
Caratlane has expanded consumer purchase preferences offering beautiful, fashionable jewellery for the contemporary woman. Titan offers the widest choices to its customers through Tanishq, Mia, Zoya and Caratlane.
Commenting on the acquisition, CK Venkataraman, Managing Director, Titan said, “Titan has always prided itself in building strong brands that are amongst leaders in their categories. We have great faith in the India consumer story and believe that the growth journey of Caratlane has only begun and has a long way to go. We thank Mithun Sacheti, Founder and Managing Director of Caratlane, for having jointly built a customer centric brand that all of us in Tata Group can be proud of and wish him continued success in his future endeavours.”
Mithun Sacheti added to this saying, “Having dreamt of making beautiful jewellery affordable and accessible to all, I am immensely proud of what we have collectively achieved at Caratlane in the past 15 years and where business stands today. There couldn’t be a more ideal destination for Caratlane than Titan and Tata Group who will provide the perfect opportunities for the brand to grow from strength to strength. I wholeheartedly thank Titan, my colleagues and the million+ customers who have made Caratlane India’s largest digitally-native omnichannel brand.”
