International Expansion Drives Sales at India’s Titan

Titan Company’s revenue grew in the third fiscal quarter amid the opening of new international locations in the US, Singapore and Dubai, the jewelry retailer reported.

Sales rose 22% year on year — excluding subsidiaries — for the three months ending December 31, the company, which owns the brands Tanishq, Mia and online retailer CaratLane, said last week. Jewelry revenues gained 23%, with watches and wearables up 21%.

The quarter is one of the most important for the Indian jewelry market, as it comprises the Diwali holiday, which occurred on November 12 last year. It is also the start of the wedding season, during which it’s popular to purchase gold products. During the October-to-December period, growth in plain gold and gold coins exceeded that of studded sales, despite higher prices for the yellow metal, Titan explained.

“Tanishq expanded its international presence, adding two more stores in the US, in Houston and Dallas, and one store in Singapore,” the company noted. “Mia opened its first store in Dubai, taking the jewelry international footprint to 14 stores. The geographical expansion and healthy consumer demand at international locations drove circa 102% year-on-year growth.”

Meanwhile, sales at CaratLane, which Titan purchased in August for $557 million, grew 23% year on year, benefiting from the launch of new collections, as well as wedding gifting and the company’s first-ever campaign for mangalsutra, or weddng jewelry, it explained.

During the three-month period, Titan added a total of 90 new stores to its roster. The group will likely release full results for the quarter — including sales value — in early February.