National News
Warburg Pincus Considers Re-investing in Kalyan Jewellers’ Brand, Candere
Private equity firm Warburg Pincus is in talks to acquire a 10% stake in Kalyan Jewellers’ lifestyle brand Candere for approximately Rs 850 crore. This potential investment marks a return for Warburg Pincus, which previously held a significant stake in Kalyan Jewellers before fully exiting the company last year.
In a significant development for India’s burgeoning jewelry market, global private equity firm Warburg Pincus is in advanced discussions to acquire a 10% stake in Candere, the lifestyle and online brand of Kalyan Jewellers India. The proposed investment is valued at approximately Rs 800-850 crore. This potential deal marks a strategic re-entry for Warburg Pincus into the Kalyan Jewellers group, from which it fully exited just last year after a decade-long association.
Strategic Investment and Financial Details
The investment structure is a mix of a secondary sale and fresh capital infusion. Warburg Pincus will purchase a portion of the 10% stake directly from Kalyan Jewellers, while the remaining shares will be newly issued by Candere. The funds generated from these newly issued shares are earmarked for fueling Candere’s aggressive expansion plans. According to sources familiar with the discussions, Candere is in the process of adding around 80-90 new stores across the country, primarily through a franchise-led model. This capital-efficient strategy allows Kalyan Jewellers to expand its footprint without heavy capital expenditure, enabling it to channel excess cash towards debt reduction.

Candere’s Transformation and Growth Trajectory
Founded in 2013 as an online-only jewelry retailer, Candere has undergone a remarkable transformation since Kalyan Jewellers acquired an 85% stake in the company in 2017 for a modest Rs 35-40 crore. In 2024, Kalyan Jewellers completed the full acquisition by buying out the remaining 15% stake from its founder, Rupesh Jain, solidifying its transition into an omnichannel retailer.

“Over the last 12 to 18 months, we have been giving shape to our plans to expand the distribution network beyond the mainstream Kalyan Jewellers,” Kalyan Jewellers executive director Ramesh Kalyanaraman said during the company’s quarterly earnings call on August 7. “Candere was identified as a second format with predominant focus on lightweight lifestyle jewellery…and we added more than 70 Candere showrooms in the last 18 months,” he said.
Financial Performance and Market Context
Despite its aggressive expansion, Candere is currently in a growth phase, with its financial performance reflecting the costs of scaling. For the quarter ended June 30, Candere’s revenue saw a significant 67% jump to Rs 66 crore year-over-year. However, the brand’s net loss widened to Rs 10 crore, up from Rs 2 crore a year earlier. Kalyan Jewellers’ management remains confident, projecting that Candere will achieve profitability by the end of the current financial year, which concludes on March 31, 2026.
The broader jewelry retail sector, especially the lifestyle and D2C (direct-to-consumer) segments, has attracted considerable investor interest recently. The market has seen a flurry of deals, including Giva’s Rs 530-crore investment, a $15 million raise by lab-grown diamond maker Aukera, and the public listing of BlueStone after a Rs 1,540-crore initial public offering. This underscores the robust growth potential investors see in this space, driven by changing consumer preferences and the shift towards organized and branded retail.
Kalyan Jewellers, the parent company, has also shown strong financial performance, with its consolidated revenue for the quarter ended June 30 rising by approximately 31% to Rs 7,268 crore, and its net profit increasing by 48% to Rs 264 crore.
Warburg Pincus’s History with Kalyan Jewellers
This potential investment in Candere would signify a renewed partnership between Warburg Pincus and the Kalyan Jewellers group. The private equity firm first invested in Kalyan Jewellers in 2014, with a Rs 1,200 crore investment, followed by an additional Rs 500 crore in 2017. It held a stake of around 30% before the company’s 2021 IPO and completed its full exit in August 2024. The move to invest in Candere demonstrates Warburg Pincus’s continued belief in the long-term growth story of Kalyan Jewellers and its strategic initiatives to capture a wider market segment.
National News
Antistatus and Vandals: Jewellery For The Rebellious and The Defiant
These Brands Are Chasing A Consumer Who Has Grown Allergic To Templates.They Do Not Want Jewellery Merely To Signal Wealth, Marital Status Or Social Approval; They Want It To Signal Taste, Nerve and A Point Of View.
Status? Overrated. Rebellion? Wearable

Antistatus and Vandals are turning jewellery from a badge of conformity into a weapon of self-definition. One is a newly launched statement-silver label with a “Defy the Norm” manifesto; the other is a Mumbai-based avant-garde brand that treats every piece like graffiti. Together, they signal a shift: rebellion is no longer just a mood board—it is the product.
Antistatus: Status, Rewritten
Launched by former VIDA executives Manav Sethi and Pallavi Singh, Antistatus is a statement silver jewellery and lifestyle brand built around a deceptively simple idea: status is not assigned by society; it is defined by you.
The collection leans into biker culture, gothic aesthetics, music and street culture—think handcrafted statement rings, pendants, necklaces, bracelets and belt buckles with enough edge to make a boardroom feel like a back alley. The brand begins with men’s-focused, gender-neutral jewellery, then plans to expand into eyewear, bags and accessories.
Its pitch is not “look expensive.” It is “look like yourself.” Antistatus wants to build a community of people whose identity is theirs to define, not something society hands them with a dress code attached.
Vandals: Luxury with Spray Paint on Its Fingers

Vandals, founded by Vandana M. Jagwani, has been operating from a similarly unruly corner of Indian jewellery. The Mumbai label draws from street art, using jewellery as a way to question the status quo and leave a personal mark.
Its manifesto is explicit: artistic rebellion meets craftsmanship, and luxury is reimagined for “daring souls who defy the norm.” The brand blurs art and jewellery, positioning its audacious designs and sustainable practices as an alternative to safe, predictable luxury.
Where conventional fine jewellery often whispers heritage, Vandals prefers to shout individuality. Every piece is framed as a personal story—less “heirloom in a velvet box,” more “artwork that refuses to behave.”
The New Consumer: Anti-Template, Pro-Story
These brands are chasing a consumer who has grown allergic to templates. They do not want jewellery merely to signal wealth, marital status or social approval; they want it to signal taste, nerve and a point of view.
| Brand | Core attitude | Design language | Consumer promise |
| Antistatus | Defy the norm | Biker, gothic, music and street-inspired handcrafted silver | Define your own status |
| Vandals | Rebellion against the ordinary | Street-art-inspired, avant-garde, sustainable luxury | Leave your own mark |
Both are selling permission. Permission to wear silver that looks dangerous. Permission to reject the idea that polish equals propriety. Permission to make luxury feel personal rather than prescribed.
Why This Matters for Indian Jewellery
India’s jewellery market has long been dominated by occasion-led buying—weddings, festivals, gifting and investment. Antistatus and Vandals are carving out a different lane: everyday identity jewellery, where the purchase is emotional, stylistic and cultural rather than ceremonial.
Antistatus’s ambition to become an India-origin premium lifestyle brand with global reach suggests that rebellion is being treated as an exportable design language, not a passing trend. Vandals already demonstrates that Indian consumers will respond when jewellery carries ideology as well as sparkle.
The Verdict
Antistatus and Vandals are proof that the most compelling jewellery today is not necessarily the quietest. It is the kind that starts a conversation, breaks a rule and makes conformity look like the boring option.
In their hands, a ring is not just an accessory. It is a small, shining refusal.From statement silver with a streetwise edge to avant-garde pieces with graffiti in their soul, this is jewellery for the beautifully defiant.
Antistatus and Vandals are proving that the boldest jewellery isn’t made to blend in—it’s made to break rules, start conversations and define you on your own terms.
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