Titan Sales Rise Amid Holiday Demand

India-based jeweler Titan Company’s sales jumped in the first fiscal quarter, as holiday demand increased.

Revenue from the company’s jewelry segment, which includes Tanishq, Mia and CaratLane, improved 39% year on year for the three months that ended June 30, the jeweler said Monday. That compares to an 18% improvement in jewelry for the same period last year.

The period around Akshaya Tritiya, which occurred on April 19 and is an auspicious time for weddings, contributed to the growth. Gold prices remained relatively stable during the period, which is also a time consumers traditionally purchase gold jewelry for weddings in India.

Sales of studded jewelry, including diamonds, grew to a mid-30s percentage, Titan added. That figure saw a steep increase versus the previous year’s low double-digit growth.

Revenue from watches improved 23% year on year.

At the end of the quarter, Titan added 77 new stores, for a total of 3,680.

Titan also generates revenue from eyewear, as well as other businesses, including fragrances and fashion accessories.

Image: The inside of a Tanishq store. (Titan Company)