Titan Company Limited will acquire a majority stake in CaratLane, an online jewellery store strengthening its presence in the e-commerce segment, a top official said.
“The acquisition (of CaratLane) will bring significant capabilities in the e-commerce space along with a brand, a customer segment and a business model that is very exciting,” said Bhaskar Bhat, Managing Director, Titan Company Limited.
Talking to The Hindu , Mithun Sacheti, CEO, CaratLane, said: “Even after the take-over, I am going to run CaratLane as I hold significant stake. The strategic investment decision is a win-win situation for both. We are getting the backing of Titan and Tanishq brands to scale up our capabilities while Titan gets a strong hold in e-commerce space.”
The board of directors of Titan Company approved on Friday the acquisition of majority stake in Chennai-based Carat Lane Trading Pvt. Ltd. for an undisclosed sum.
The transaction is expected to be completed by mid-June 2016. The exact stake that Titan will buy in the online jewellery brand will be shared on signing definitive documents, said S. Ravi Kant, Executive Vice President (Corporate Communications), Titan Company.
