Titan Revenue Buoyed by Wedding-Jewelry Sales

RAPAPORT… Revenue at Titan Company increased in the third fiscal quarter as consumers purchased wedding jewelry for events that had been deferred.

Jewelry sales rose nearly 15% year on year for the three months ending December 31 amid positive consumer sentiment. Shoppers also displayed an eagerness to get out after six months of being restricted to their homes, the company reported Wednesday.

“Customers wanted to feel good by stepping out and shopping…and [the third quarter] did not disappoint,” the company noted. “The jewelry division has crossed the recovery phase to the growth phase.”

Many consumers were forced to postpone events due to take place in the first half of the year because of the countrywide shutdown caused by the coronavirus pandemic, the company noted. While sales volume has not returned to levels seen during the same period a year earlier, sales value has risen as a result of higher gold prices and the rise in wedding-jewelry purchases.

Sales of watches recovered to about 88% of 2019’s total for the October-to-December period, led by a 30% rise in e-commerce sales.

The third quarter included sales for the Diwali holiday season, as well as Dhanteras, which is considered an auspicious time for buying gold. Revenue for the 30-day festive period was up 15%, Titan said.

During the three months, Titan-owned Tanishq opened a boutique in Dubai, its first store outside India, which received a positive response, the company added.

Image: A woman wearing Tanishq jewelry. (Tanishq)