Indian jewellery brand, Titan Company, has reported a 23% year-on-year growth for its jewellery division in Q4 FY 2022. The growth was primarily driven by new and repeat buyers, as well as an increase in the average purchase value. High-value studded and solitaire items and wedding sales saw a revival, aided by strong gold exchange contribution.
However, the entry-level and lower-priced items saw normalisation in buyer growth. While January and February saw continuation of strong consumer purchase intent that was visible during the festive season, a sudden spike in gold prices however led to a relative softening of demand in March, Titan said.
The company’s flagship brand Tanishq opened a new store in Dubai and expanded its network to cover 7 stores across Dubai, Abu Dhabi, and the US. Zoya also opened a landmark store at Taj Mahal Palace, Mumbai, while Mia by Tanishq added 18 new stores in the quarter.