Introduction

Caratlane was founded in the year 2008 with the sole intention of making jewellery accessible and affordable for various occasions and is forever wearable. As a D2C brand, it addresses the problem of millions of women who are always in a dilemma when picking up jewellery as part of everyday fashion.

CaratLane which has now become the largest omnichannel jeweller has over 165 retail stores across 66+ Indian cities.

As per CaratLane's website, "it was founded to give women access to modern, fine jewellery that is also wearable everyday."

Origin

In the year 2008, CaratLane was founded by Mithun Sacheti and Srinivasa Gopalan. The duo had the objective of opening a business which makes jewellery accessible to consumers. So they focused on two key aspects - affordable pricing and variety of designs. They initially just focused on selling online.

In the year 2012, to take accessibility to a new level, they opened their first store in Greater Kailash in Delhi. With this, they transformed from just online to an omnichannel jewellery brand. It is worth noting that Indians have traditionally bought jewelley through physical stores. Being a precious item, people are generally reulctant to buy it online. The prominent names in jewelley business like Tanishq, Malabar, Kalyan Jewellers**, etc., have all physical stores across India.

Tie-up with Tanishq

In 2015, they joined forces with Tanishq which is India’s leading jewellery brand. Tanishq made a strategic investment in CaratLane. Later that year, they also took a revolutionary step in logistics by introducing same-day shipping policy for their online customers. They were probably the pioneers here.

Buoyed by the capital and expertise of Titan (which owns the brand Tanishq), CaratLane expanded its physical presence by growing to more than 90 stores by 2020.

What works for CaratLane?

CaratLane has ensured a great customer satisfaction with several policies like:

• Strict quality checks at every stage and certification process.
• Free shipping with trackability.
• Quality international shipping
• Gift messaging and packing functionality
• Multiple payment options
• Exchange Offers
• Easy return and refund policy

These polcies have enabled CaratLane to establish its brand among customers especially the tech-savvy millenials and Gen Z. The company is also expected to grow further as the younger demographics are more attuned to buying jewellery online.

Future Prospects

As of 31 March 2022, CaratLane has annual revenue over Rs 500 crore and is profitable. A slew of competitors like Mellora, BlueStone, TrueFacet and Chloe + Isabel have made the industry dynamic and competitive. The strategic support of Titan places it on a firm footing but the challenge would be to remain the preferred brand for the fickle-minded young Indian consumers.

Conclusion

Reaching out directly to customers in a tough category like jewellery takes guts. The founders of CaratLane have been able to guide the company to a good position. As new D2C brands enter the market, CaratLane will have to continually reinvent itself to remain relevant and preferred choice.

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