Titan Company, India’s leading jewellery retailer, said healthy consumer demand spurred by a vibrant festive season resulted in double-digit growth for Q3 of FY 2022-23 in combined sales year-on-year across the company’s standalone businesses.
Healthy new buyer growth in the festive period, higher value purchases in the studded category and unique new collections for the season helped the jewellery division – comprising Tanishq, Zoya, Mia – achieve ~11% growth YoY (excluding bullion sales), it said.
The sales from studded category moderately outpaced gold jewellery (plain) segment growth compared to the same period last year. Wedding sales grew in-line with the division’s overall sales, Titan noted.
Tanishq opened its first international boutique store in the USA, New Jersey in December 2022, taking its international presence to 6 stores across Dubai, Abu Dhabi and USA. The new store expansion (net) for the quarter consisted of 8 Tanishq stores and 14 Mia showrooms.
Titan’s majority-owned subsidiary CaratLane saw business growth of ~50% YoY driven by gifting campaigns around the festive season from beginning of Navratri and continuing right till Bhai Dooj to capture consumer buying intent for the period. Studded growth was moderately higher than the overall growth and mix marginally higher than last year contributing to ~75% of the total business.