Fashion accessories company Titan, which is owned by Tata Group, on April 5, posted a 17% year-on-year growth in the fourth quarter (Q4 FY24), the company said in a preliminary business update.
In an exchange filing, the company further revealed that it added over 86 new stores in Q4, taking the retail network presence at 3,035 stores in India.
Domestic operations in the jewellery sector saw robust growth of approximately 19% year-over-year (YoY), driven by strong performances in both buyer engagement and same-store sales, with double-digit growth recorded. This growth was consistent across both the gold (plain) and studded segments.
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Notably, Tanishq expanded its presence by inaugurating new stores in Dubai and Chicago (USA) during the quarter. Within India, out of the 27 new store additions (net), Tanishq accounted for 11, while Mia contributed 16 new stores to the network.
The domestic business of Watches & Wearables experienced a solid annual growth of approximately 7%. This growth was fueled by a roughly 7% increase in revenue from analog watches and a 2% uptick in Wearables.
Within the analog portfolio, the Helios channel, which features Titan and International brands, saw the most rapid expansion, achieving a healthy double-digit growth rate. Additionally, 44 new stores were opened during the quarter, including 10 in Titan World, 20 in Helios, and 14 in Fastrack.
The EyeCare Division experienced a slight decrease of approximately 1% in revenue year over year. However, Titan Eye+ extended its reach by inaugurating a new store in Dubai, bringing the total count to 4 stores in the GCC region.
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In Emerging Businesses, Taneira achieved remarkable growth with revenue surging by around 37% year over year. This growth was supported by the launch of 11 new stores during the quarter, with 8 of them marking new city entries.
Revenue from Fragrances & Fashion Accessories also saw positive growth, increasing by approximately 12% year over year. Specifically, Fragrances revenue grew by approximately 9% year over year, while Fashion Accessories witnessed a robust growth of around 18% year over year.
Caratlane experienced significant business expansion, with a growth of about 30% year over year. The studded segment performed in line with the overall growth trajectory. Furthermore, the business augmented its domestic presence by opening 10 new stores, resulting in a network expansion to 272 stores.
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Published: 05 Apr 2024, 08:37 PM IST