Online jeweller CaratLane to break-even by FY20
With its online channels and a majority of its standalone stores turning profitable, jeweller retailer CaratLane – in which Titan holds a majority – is set to break-even at a company level by FY-20.
The jewellery brand that was picked up by Titan with a 62% stake in in mid-2016, will also focus on expanding its offline presence as it plans to set up 50-odd stores in the coming year (FY20).
According to Rajan Amba, Chief Operating Officer, CaratLane is on-course to attain profitability by next fiscal end. The online channel (primarily own-website and mobile app) is already breaking even; while 90 per cent of its brick-on-mortar stores are profitable. CaratLane currently has 52-odd standalone stores, most of which are franchisee-owned.
“Ideally, we should be breaking even in the next six months or so. But, considering the nature of jewellery business, it (profitability) may vary by a month or so. So it would be safe to say that by FY20 we should be profitable at a company level,” he told BusinessLine.