CaratLane wins ‘Masters of Reinvention’ Award by London Business School & Management

by Shrutee K/DNS

CaratLane - A Tanishq Partnership, won the ‘Masters of Reinvention’ award in the People's Choice category at the second edition of the Real Innovation Awards by London Business School & Management Today. Avnish Anand, Co-Founder & SVP, received the award on behalf of CaratLane at the award ceremony held on November 2, 2017, at the London Business School, UK.

The Institute for Innovation and Entrepreneurship at The London Business School in partnership with Management Today created the Real Innovation Awards, designed to recognize and celebrate those people and organisations who exemplify the way innovation really works.

After weeks of online voting, the winners were chosen from a shortlist of 27 nominees from across the world; over 13,500 votes were cast over the six categories, where CaratLane won in the category ‘The Masters of Reinvention Award’. This award is for the company that most successfully reinvented itself in the face of disruption to its business model. CaratLane has changed the traditional jewellery business model entirely to offer its products more widely:

CaratLane re-invented the established codes of the jewellery business, first by setting up an online presence way back in 2008 (when e-commerce itself was at a very nascent stage in India) and subsequently evolved itself over the years to become India’s largest truly omni-channel brand.

CaratLane built their business model on key consumer insights such as - the emergence of customers spending more and more time online; customers’ growing desire for modern jewellery that they could wear everyday (rather than on special occasions only); and the need to bring transparency in an otherwise opaque market.

Its efficient StreamLane^TM process that keeps costs and prices low

“We started as one of India’s first online jewellers but today, with multiple stores and Try@Home, we have emerged as an omni-channel jeweller that stays abreast with the evolving tastes and preferences of our consumers. The key pillar to our business so far has been our relentless focus on modern designs that are accessible and affordable. This is an outcome of our revolutionary business model - the StreamLane^TM system which helps us eliminate inefficiencies from the supply chain, keeps our overheads low and enables efficient delivery, along with bringing forth savings of up to 25% over retail costs to customers, while continuing to give the best quality.” Mithun Sacheti, Founder & CEO CaratLane said, while speaking about winning the award.

About CaratLane: a Tanishq partnership, India’s first omni-channel jewellery brand was founded in 2008, by Mithun Sacheti and Srinivasa Gopalan, with a simple but courageous objective – to make beautiful jewellery accessible, affordable and forever wearable. All CaratLane collections draw design inspirations from a strong historical legacy and interpret them in a modern theme. With the new-age woman as a muse, the design philosophy at CaratLane is to make jewellery which makes the wearer ‘feel’ beautiful, drawing out her compelling individuality, inner confidence and self-esteem.

With a strategic investment from Titan Company Limited, CaratLane is now partners with India’s largest retail jeweller Tanishq. The partnership aims to work towards a common mission – to offer customers beautiful jewellery and a distinctive shopping experience that fits today’s values and lifestyles - enabling CaratLane to grow as India’s 21st century jewellery brand.

CaratLane is also known for its signature jewellery-buying experience across all platforms. Along with the website, which is India’s largest online jewellery destination, CaratLane, has 29 brand stores across the country. The stores bring the seamless jewellery buying experience with a no barrier access to all jewellery, along with Magic Mirrors for virtual try-ons. CaratLane also pioneered a unique Try@Home feature for jewellery buyers in the country, where customers can book an appointment, get their desired jewellery delivered at their doorsteps, and try them at their comfort with no-obligations to buy.