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Titan Agrees to Buy Online Jeweler Carat Lane
May 8, 2016 12:20 PM
By Rapaport News
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RAPAPORT... Titan Company’s directors have approved the acquisition of a
majority stake in Carat Lane Trading, a startup online jewelry brand and
retailer with a sizeable brick-and-mortar presence.
Carat Lane has 13 stores across India and
plans to expand this footprint, according to Titan.
Titan, which did not disclose the size of its
stake or financial details of the transaction, said it expects the deal to be completed
by mid-June. The amount the Indian
jewelry giant will pay is under negotiation, it pointed out.
“The acquisition brings significant
capabilities in the ecommerce space along with a brand, a customer segment and
a business model that are very exciting,” said Bhaskar Bhat, the managing
director of Titan.
Founded in 2008, Carat Lane received
$31 million from venture capital fund Tiger Global in a fourth round of
funding that ended January 2015.
The news comes after Titan reported a drop
in revenue and profit in the year to March 31 because of weaker consumer
sentiment and the impact of an Indian jewelers’ strike. |
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Tags:
Jewelry, online retail, Rapaport News, retail, Titan, Titan Company
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