WhatsApp
Email
Facebook
Twitter
LinkedIn
Titan Company’s sales grew in the first fiscal quarter, even as gold prices tempered demand.
Revenue from the company’s jewelry category, which comprises Tanishq, Mia and CaratLane, increased 18% year on year for the three months that ended June 30, the India-based jeweler said Monday. That compares to a 9% rise for jewelry in the same period a year earlier.
The period around Akshaya Tritiya, which took place on April 30 and is an auspicious time for weddings, saw an uptick in sales. However, from May until mid-June, a rise in gold prices led to a slight decline in consumer spending. In India, consumers traditionally purchase gold jewelry for weddings.
Sales of studded jewelry, which includes diamonds, gained in the low double digits, Titan said. That figure was a softer increase than the previous year, the retailer explained.
Revenue from watches advanced 23% year on year.
At the end of the quarter, Titan had a total of 3,322 stores. It added a net 19 shops in India: Three were Tanishq, seven Mia and nine CaratLane.
Titan also generates revenue from eyewear, in addition to other businesses, including fragrances and fashion accessories.
Image: A Taishq store in Seattle, Washington. (Titan Company)
