Omni-channel jewellery brand CaratLane ended the year on a high crossing of Rs 2000 crore in revenue. While the category saw a huge slowdown in customer sentiment towards the end of the quarter, CaratLane delivered a revenue of Rs 571.24 crore for the year 2022-2023 (56.7% growth over Q4 FY22) and EBIT at 6.9%.
The brand searches have grown over 60% in the year signalling a growing consideration for the brand across all key markets.
Avnish Anand, chief operating officer and co-founder of CaratLane said, “Our business is built on making jewellery accessible to customers at a pin code level, and this year our focus has been on ensuring the smooth transition of our customers from online browsing to retail stores or other channels.”
Commenting on the results, Mithun Sacheti, managing director CaratLane said, “Over the past few years, we have experienced consistent growth despite certain unfavourable macro conditions. In FY23, we achieved an impressive growth rate of 73%, delivering a 3-year CAGR of 52%. This year, we have reached several milestones, but the most significant for us has been crossing the 1 Million customer mark.”
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