Titan Company’s jewellery sales during Q1 of Fiscal 2022 that ended 30th June, 2021, grew by 107% (excluding bullion sales) versus last year. The company saw zero jewellery sales in April of last year, and most of the sales in May were lost in both years, it noted.
The jewellery division — comprising brands Tanishq, Zoya, Mia and CaratLane — is gaining good traction in new customers and its mix in total buyers has reached the pre-pandemic levels, Titan informed.
Despite the lower number of store operational days in June 2021 (since large states of Tamil Nadu and Karnataka markets were under lockdown for almost all of June 2021), sale for June 2021 is marginally ahead of the sale in June 2020, Titan said. Total store operational days were at 73%, 10% and 58% for the months of April, May and June respectively and 47% for the first quarter.
More than 90% of stores are now open, but around a third are shut on weekends, in line with local restrictions. Some 96% of Titan’s staff is vaccinated across all stores (including housekeeping and security), while 100% of open stores have only staff vaccinated with one dose or have recently recovered from Covid and not yet due for vaccination.
The phased implementation of mandatory hallmarking of gold jewellery is an important step for the development of the industry and safeguarding the consumer’s interest, Titan said, adding that all its stores have the hallmarking license and 100% of its jewellery is hallmarked.
Mia launched ‘Smolitaire’ and ‘Romani’ collections during the quarter, and Zoya launched ‘Samave’ collection towards the end of June. Titan’s network expansion plans got delayed due to the lockdowns. The division added 5 Tanishq stores on a net basis in the quarter, with the retail space addition being ~20,000 sq ft.