Tata Group’s jewellery and watch making company Titan, on January 5, announced 22 percent year-on-year (YoY) growth in revenue for the quarter ended December 30, 2023. The expansion was well-diversified, with a robust performance observed across most segments during the quarter.
The company further informed in its exchange filing that it has added over 90 new stores in the October-December period, taking the retail presence to 2,949 stores.
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Titan reported a robust 21 percent growth in domestic sales for its jewelry division, attributed to a substantial increase in the number of buyers and a modest improvement in average selling prices. “ Suitable investments in exchange programs and consumer offers were carried out during the festive period to maintain growth momentum. Wedding segment contribution improved marginally YoY,” the company said.
Notably, the growth in gold (plain) and coins during the festive quarter outpaced studded sales growth, indicating heightened consumer interest in gold despite elevated prices and market volatility.
“Tanishq expanded its international presence adding two more stores in USA in Houston and Dallas and one store in Singapore. Mia opened its first store in Dubai taking the Jewellery international footprint to 14 stores. The geographical expansion and healthy consumer demand at international locations drove c.102% YoY growth in primary outgo to these entities. Of the 34 new store additions (net) in India, 18 stores were added in Tanishq and 16 stores were added in Mia,” the company further informed.
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In addition, the watches and wearables segment experienced a commendable 23 percent growth in domestic business. This growth was further delineated by an 18 percent increase in revenue from analog watches and an impressive 64 percent surge in wearables.
The expansion in the analog sub-segment was propelled by robust double-digit growth in key brands such as Titan, Sonata, Helios, and International brands. During the quarter, the company added 25 new stores, including 9 in Titan World, 11 in Helios, and 5 in Fastrack, contributing to its overall growth strategy.
Titan’s Caratlane also recorded a robust 31 percent YoY growth, adding 16 new retail stores across the country in the same period. Whereas, its eyecare division posted a 3 percent YoY decline in revenue.
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Published: 05 Jan 2024, 08:39 PM IST