India’s largest jewellery retailer Titan Co., which oversees the brands Tanishq, Zoya, Mia and CaratLane, clocked a revenue growth of 207% for Q1 FY 2022-23 in comparison with a low year-on-year (YoY) base.
Titan said the division had a good start to FY23 with robust sales on the auspicious occasion of Akshaya Tritiya after two years of Covid-induced lockdowns in this period.
Both walk-ins and buyers grew in-line with revenues whereas ticket size marginally improved compared to Q1 FY22. Growth in plain gold jewellery was nearly three-fold, whereas studded sales was comparatively higher YoY. The studded mix was better than last year and comparable to pre-Covid levels seen during this quarter, Titan said.
Regional campaigns continued to yield good results. Bridal jewellery grew slightly slower compared to revenue growth but the share in the overall pie continued to be stable.
Store expansions (net) continued with commissioning of 6 new domestic stores of Tanishq and 13 of Mia. The Karama shopping district in Dubai saw a new Tanishq store in Apr 2022 with an encouraging initial response. Retail metrics of sales growth, walk-ins, conversions and jewellery mix including studded ratios continued to be healthy across all international stores, the company noted.
Tanishq’s pan-India campaigns for new collections of ‘Live a Dream’ and ‘Rhythms of Rain’ and regional campaigns of ‘Uttama’ for Poila Baisakh in West Bengal and ‘Rajadhiraj’ for Lord Jagannath Yatra in Odisha and West Bengal were well received.
‘Wavemakers’, ‘Mia for Kids’, and ‘Gift Smart Gift Mia’ were few notable Mia campaigns for the quarter. Zoya’s campaigns centred on its new collections of ‘Aeterina’, ‘Anew’ for Akshaya Tritiya and ‘Infinitely Her’- a digital only campaign for polki collections.
CaratLane’s strategy for Q1 centred on engaging and attracting customers for Akshaya Tritiya. A very positive consumer sentiment helped CaratLane achieve its highest ever sales on Akshaya Tritiya, which were 20% higher than Dhanteras of 2021.
‘Borla’ a hero collection inspired by classic Rajasthani maang tikka along with an Akshaya Tritiya activation saw good buying interest. The ‘First Salary’ gifting campaign for new occasions was well received with #MyFirstSalary trending at the No.2 position nationally reaching over 190 million users and garnering 2.5 million views, the company informed.