Titan Closes Year with Strong Rebound in Jewelry Sales

Titan Company’s jewelry revenue climbed in the fourth fiscal quarter amid a revival in wedding sales and the reopening of the Indian economy.

Sales for the segment grew 23% year on year for the three months ending March 31, the Indian jewelry retailer reported earlier this month.

The increase reflected a favorable comparison with the same period a year earlier, when the country was under partial lockdown after a resurgence of Covid-19 and consumer sentiment was low due to the start of the Russia-Ukraine war, the company, which owns the Tanishq brand, explained. An increase in both new and repeat buyers, as well as ticket size, buoyed sales. A revival in weddings as the virus eased also contributed to the rise, as did lower gold prices.

The festive season boosted sales in January and February, Titan noted. However, the momentum weakened in March due to a sudden spike in gold prices, which led to a softening of demand.

Titan opened 31 new jewelry shops during the quarter, domestically and overseas, it said.

Sales of watches and wearables increased 41%, while e-commerce business CaratLane surged 56%. Titan also earns revenue from an eyewear brand, as well as emerging operations including fragrances, fashion accessories and Indian dress wear.

The group is set to publish full sales data — including revenue figures — in the coming weeks.

Image: A Tanishq store. (Titan Company)