Titan Co Ltd, one of the largest jewellers in the Indian market under the brand Tanishq, reported in a filing to the stock exchanges that it had strong same store sales growth for its jewellery division during the quarter ended December 31, 2018. The Company said that it now expected full year growth in the jewellery business to be around 22%.

The Company said that the Q3 performance reflected its continuing gain in market share. Expansion of the store network continued as planned, Titan said as it sought to reap the benefit of the rising aspirations of consumers in middle India to make purchases from leading brands. It said that customer demand was buoyant in the festive season of Diwali –Dusshera, that falls within the quarter.

While three stores have been closed for the year to date, Tanishq has opened 27 new stores, for a net retail space addition of approximately 65,000 sq ft.

Titan also added that it experienced continued growth momentum across all businesses in what is described as a “seasonally strong third quarter”. This demonstrated the inherent strength of virtually all the brands in its portfolio and the strong consumer connect that these had established.

Expansion was reported across all its brands and channels and the aggressive roll out led to the retail network crossing a total of 2 mn sq ft during the quarter.

Titan further stated that its CSR campaign under “ECHO” taken up in collaboration with Tata Group and Titan’s business associates along with international skater Rana Uppalapati had been very successful. Over 100 events were organised in schools and colleges across India as the sports star skated over 6,000 kms across the Indian Golden Quadrilateral in 95 days, spreading awareness among close to 6 lakh children on safety, especially the message of 'good touch, bad touch', and raised funds for education of 18,000 + girl children.