Avnish Anand Appointed as CEO of CaratLane
- ByStartupStory | August 25, 2023
Omnichannel jewelry retailer CaratLane has announced the appointment of Avnish Anand as its new Chief Executive Officer, effective immediately. Anand, who previously served as the Chief Operating Officer of the company, has been an integral member of the founding team, contributing significantly to shaping CaratLane into its current state, according to a company statement. C K Venkataraman, Managing Director of Titan, remarked, “Avnish comes with exceptional strategic and people leadership capabilities and has been instrumental in making CaratLane the true omnichannel brand.”
This announcement follows Titan’s disclosure, a Tata Group fashion accessories brand, of its acquisition of an additional 27.18% stake in CaratLane, increasing its total stake to 98.28%. The acquisition involves the entire stake held by CaratLane’s founder, Mithun Sacheti, and his family members, subject to standard regulatory approvals. Titan expects the acquisition to be finalized by October 31. Established in 2007, CaratLane operates as an unlisted private company and is a subsidiary of Titan, engaged in jewelry manufacturing and sales. Alongside its website, CaratLane operates a network of over 230 brand stores across India. The omnichannel jewelry retailer reported a consolidated revenue of Rs 2,169 crore in the fiscal year ending in March 2023.
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