CaratLane appoints Avnish Anand as its CEO
This development comes about a week after Titan—a Tata Group fashion accessories brand— disclosed its acquisition of an additional 27.18% stake in CaratLane, increasing its stake to 98.28%.
Omnichannel jewellery retailerhas named Avnish Anand as its new Chief Executive Officer effective immediately, the company said on Friday. Anand previously served as the Chief Operating Officer of the company.
As an integral member of the founding team, he has played an important role in shaping CaratLane into its current form, the company said in a statement.
“Avnish comes with exceptional strategic and people leadership capabilities and has been instrumental in making CaratLane the true omnichannel brand,” said C K Venkataraman, Managing Director, Titan.
Titan announced the acquisition of the entire stake held by CaratLane’s founder, Mithun Sacheti, and his family members, pending the completion of standard regulatory approvals. The Tata Group company anticipates the acquisition to be finalised by October 31.
Established in 2007, CaratLane operates as an unlisted private company, functioning in jewellery manufacturing and sales as a subsidiary of Titan. Besides its website, CaratLane has a network of over 230 brand stores across India.
The omnichannel jewellery retailer recorded a consolidated revenue of Rs 2,169 crore in the fiscal year concluding in March 2023.
Edited by Akanksha Sarma