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India’s Titan Company reported strong jewelry growth in the first fiscal quarter amid solid holiday demand and stable gold prices.
Jewelry sales jumped 30% year on year to INR 190 billion ($1.99 billion) on the back of “healthy” festive demand and a stable gold price environment that boosted consumer confidence, the company said last week. A “sizable” increase in the average ticket price also drove revenue. Profit for the segment rose 68% to INR 23.6 billion ($247.6 million).
The group’s domestic jewelry business advanced 38%, with its international operations leaping 136%. Consolidated sales — including at subsidiaries — grew 29% to INR 215.02 billion ($2.26 billion), while profit spiked 68% to INR 17.77 billion ($186.5 million).
“Amidst a relatively stable gold-price environment, all the portfolio brands grew well,” Titan said. “A double-digit portfolio buyer growth was accompanied by sizable increase in average ticket sizes that powered strong…growths in the key product categories of plain and studded jewelry.”
Revenue from watches was up 21% to INR 15.43 billion ($161.9 million) for the period. The company also derives income from eyecare and other products.
The company added a net 34 new stores in the first quarter, including 33 in India — spread across its CaratLane, Tanishq, Mia, Zoya and beYon brands — as well as two in the Gulf Cooperation Council (GCC). Meanwhile, it closed one Damas store during the period.
Image: A Tanishq store in India. (Shutterstock)
