Titan Company Limited announced on 19 Aug 2023 that it has signed a Share Purchase Agreement with the Founder of CaratLane Trading Private Limited and his family members to acquire all the shares held by them representing 27.18% of the total paid-up equity share capital of CaratLane, as per a press release.
CaratLane is an unlisted private company engaged in the manufacture and sale of jewellery and is a subsidiary of Titan. On acquisition, the Company would hold an aggregate of 98.28% of the equity share capital and voting rights in CaratLane.
Titan first invested in CaratLane in 2016 and over the past 8 years, in partnership with Tanishq, the brand has grown by leaps and bounds. CaratLane has expanded consumer purchase preferences offering beautiful fashionable jewellery for the contemporary woman of today's era. Titan today offers the widest choices to its jewellery consumers through the brands of Tanishq, Mia, Zoya and CaratLane.
C K Venkataraman, Managing Director, Titan, said: "We thank Mithun Sacheti, Founder and Managing Director of CaratLane for having jointly built a customer-centric brand that all of us in Tata Group can be proud of and wish him continued success in his future endeavours."
Mithun Sacheti, Founder and Managing Director, CaratLane, added: "I whole-heartedly thank Titan as well as extend my heartfelt gratitude to colleagues, partners and million+ customers whose support and love has paved the way to our success and made it India's largest digitally native omni-channel jewellery brand. I wish CaratLane and all those associated with it many more successes in times to come."
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
