E155 - Building India's Leading Retail-Led Consumer Brand ($2Bn Exit) w/CaratLane's Avnish Anand

Indian Silicon Valley with Jivraj Singh Sachar

The co-founder and CEO of CaratLane, Avnish Anand, discussed the jewelry company's unique approach to store openings and its focus on customer experience in an interview. He explained that CaratLane always invites a loyal customer to inaugurate a new store, rather than a celebrity. Anand also discussed how the company reached a revenue of 2.65 billion INR ($36 million) by focusing on their customers' needs and creating affordable yet beautiful jewelry designs. He shared that despite COVID-19 restrictions, demand for jewelry continued as it is deeply rooted in Indian culture. Furthermore, he also mentioned CaratLane's commitment to omnichannel sales and the increasing importance of internet-savvy customers. KEY TAKEAWAYS - CaratLane is India's largest Omni Channel jewelry brand. The business was started in 2007, at a time when e-commerce was not widely accepted. CaratLane broke the conventional startup wisdom and emerged successful. - The core of CaratLane's business model is technology, affordability, and lean operation. Unlike traditional jewelry businesses that primarily cater to the high-end market, CaratLane offers beautifully crafted jewelry at lower price points. - A major change in customer behavior was noted over time. People started buying jewelry not just for big occasions, but also as an everyday fashion accessory. The category has seen a shift from investment and locker storage oriented purchases to more wear-oriented buys. - A key learning was that their customer base is not just restricted to internet savvy individuals. People across age groups and places are attracted to their affordable, wearable designs. It was also discovered that older customers often acted as home influencers, influencing the buying decisions of younger family members. - To date, CaratLane has 245 stores across India. The company's approach to scaling includes a combination of digital marketing for raising customer awareness, as well as omni-channel growth strategies for increasing order and