Leading Indian jewellery retailer Titan Co. said its Q2 FY 2023 that ended 30th September witnessed healthy double-digit growth across most businesses with jewellery sales (excluding bullion) growing 18% year on year.
The Jewellery Division – comprising brands Tanishq, Zoya, Mia and CaratLane – registered YoY growth on a high base of Q2FY22 that had elements of pent-up demand and spillover purchases of a Covid-disrupted Q1 FY22, the company explained. Plain gold jewellery clocked low double-digit growth whereas studded sales were higher than the overall division driven by good activations and better contribution from high value purchases, it indicated. The product-mix improved compared to last year but continued to be below pre-pandemic levels. Walk-ins grew in low double digits YoY with steady buyer conversions, it added.
Titan said the outlook for the festive season (from Navratri in September 2022) continues to be optimistic and is visible in positive consumer sentiment across categories.
New store additions during Q2 comprised 8 domestic Tanishq stores, 16 Mia by Tanishq outlets, and 1 Zoya showroom. Titan’s 72.3% owned subsidiary CaratLane added 14 new stores.
CaratLane’s business grew 56% YoY, driven by promotions around Raksha Bandhan and hero launches during the Q2. Across categories, solitaires grew the fastest followed by studded and gold jewellery. Studded continued to contribute about 70% of CaratLane’s business despite a larger base as compared to last year.