Titan’s Jewellery Division Picks up Momentum in Q2 FY 2018-19 After Relatively Soft Growth in Q1
Titan Company in an update on its results for Q2 FY 2018-19 reported that it had continued to perform well and gain market share on the back of “well laid out strategies for each of its businesses”.
Titan was particularly emphatic about the performance of its jewellery division, which, it said, had “picked up very well after the relatively soft growth” in the preceding quarter.
The jewellery industry, Titan explained, had been facing challenging times with a decrease in the number of weddings, an increase in gold prices, tightening of credit to the industry and “subdued” consumer demand.
“Despite these challenges, our jewellery business has done well due to gains in market share on the back of exciting new collection launches and extended diamond studded activation, resulting in good growth for the quarter that is in line with our internal expectations,” Titan elaborated.
In the year to date, while the Company’s jewellery division Tanishq added 16 new stores, it closed two stores, with the net retail space addition of 35,000 sq. ft.
Titan’s watches division also benefitted from new launches – some of them innovative products. The watches division added 18 new WOT stores, closed 15; added 14 new Fastrack stores, while closing seven; and for Helios opened three stores while closing one during the year so far. A total of 1,800 sq ft was added to the watches’ retail space.