WhatsApp
Email
Facebook
Twitter
LinkedIn
India’s Titan Company reported “exceptional” jewelry growth in the third fiscal quarter, with the segment showing strength amid the industry’s high gold prices.
Jewelry sales jumped 46% year on year to INR 234.92 billion ($2.59 billion) on the back of solid festive demand and impactful brand campaigns in the three-month period that ended December 31, the jeweler said Tuesday. Consolidated sales — including at subsidiaries — rose 43% to INR 255.67 billion ($2.82 billion), while profit spiked 61% to INR 16.84 billion ($185.7 million). Meanwhile, the group’s international jewelry business leaped 83%, supported by store expansions.
“The festive period spurred broad-based consumer interest across our portfolios, underscoring resilience in premium and accessible segments alike,” said Titan managing director Ajoy Chawla. “The jewelry business drove strong buyer engagements via attractive exchange programs, exquisite new collections and lucrative bundled offers resulting in one of its best-ever growth quarters.”
Toward the end of the quarter, the company launched lab-grown jewelry brand beYon, in an effort to diversify its portfolio and drive new growth.
The company added a net 49 new stores in the third quarter, including 47 in India — spread across its CaratLane, Tanishq, Mia, Zoya and beYon brands — as well as two Tanishq branches in the US, in Boston, Massachusetts, and Orlando, Florida.
Image: A Tanishq store in India. (Shutterstock)
