So far, Titan Company Limited had managed to sail past many of the tough currents roiling the economy and markets. Now, for the first time, the Company has said that it has been negatively impacted by the current scenario.

“The quarter witnessed a tough macro-economic environment with consumption being hit,” Titan said providing an update on its performance for Q1 FY 2019-20. “Very high gold prices particularly in June also impacted growth in the jewellery industry. Against this background, the Company's growth particularly in the jewellery segment was lower than planned even though the gains in market share were sustained.”

Titan’s Jewellery Division’s revenue grew by a “muted” 13% approximately, for the period under consideration, “as sharp increase in gold prices dented consumer demand significantly in the month of June”, the Company said. However, wedding jewellery and studded jewellery witnessed “decent growth” in the quarter, the Company said; while sales on the auspicious occasion of ‘Akshaya Tritiya’ were reportedly “robust”.

The division added 12 Tanishq stores on both gross and net basis during the quarter, with the retail space addition being approximately 34,000sq. ft.