Titan Company said its jewellery division witnessed a 23% YoY growth, contributing to the overall success. This growth was driven by a substantial increase in domestic sales, with a commendable 38 new stores added during Q3 FY24, taking the total to 636 jewellery stores.
The domestic growth of approximately 21% YoY in the jewellery segment was primarily attributed to double-digit buyer growth and a moderate uptick in average selling prices. Notably, gold (plain) and coin sales outpaced studded sales, indicating higher consumer interest in gold despite elevated prices and market volatility.
The festive quarter saw strategic investments in exchange programs and consumer offers, ensuring sustained growth momentum. The wedding segment also made a marginal YoY improvement in its contribution.
Tanishq, a key player in the jewellery division, expanded its international presence with the addition of two stores in the USA (Houston and Dallas) and one store in Singapore. Mia, another brand under the Titan umbrella, opened its first store in Dubai, bringing the international footprint to a total of 14 stores.
Geographical expansion and strong consumer demand at international locations led to an impressive 102% YoY growth in primary outgo to these entities. In India, out of the 34 new store additions (net), Tanishq added 18 stores, while Mia added 16.
Caratlane, focusing on exquisite jewellery, marked a substantial c.31% YoY revenue growth. The studded segment experienced a noteworthy growth of c.39% YoY, with 16 new domestic stores added during the quarter.