Revenue rose at Indian jeweler Titan Company in the third fiscal quarter amid solid demand during the festive season and the international expansion of its store network.
Including at subsidiaries, sales jumped 22% year on year to INR 143 billion ($1.72 billion) in the three months that ended December 31, the company reported earlier this month. Profit climbed 15% to INR 10.53 billion ($126.9 million).
While most divisions saw increases, the jewelry segment recorded “healthy” growth during the period, which includes Dussehra, Dhanteras and Diwali, all popular holidays for purchasing gold jewelry. Sales from the category gained 22% to INR 127.42 billion ($1.54 billion). Revenue from watches advanced 22% to INR 9.86 billion ($118.8 million).
During the period, Titan opened two Tanishq brand stores in the US and one in Singapore. It also debuted its first Mia brand location in Dubai.
“The festive quarter saw encouraging consumer demand delivering a healthy double-digit growth,” said Titan managing director C.K. Venkataraman. “Our international store openings…were enthusiastically received by the Indian diaspora and other nationals at those locations.”
Sales for the first nine months of the fiscal year surged 28% to INR 389.64 billion ($4.69 billion), while profit improved 7% to INR 27.25 billion ($328.3 million).
RELATED READING
Main image: A Tanishq store in Pune, India. (Shutterstock)
Stay up to date by signing up for our diamond and jewelry industry news and analysis.
WhatsApp
Email
Facebook
Twitter
LinkedIn