Titan’s Jewellery Division Sparkles With 21% Q1 Growth

jewellery magazine

Titan Company reported a group revenue increase of 20% year-on-year (YoY) for the first quarter of the fiscal year 2024 (Q1 FY24). This remarkable performance was driven by robust growth in all key consumer businesses, particularly the jewellery division, which recorded substantial YoY growth, it noted.

During the quarter, Titan expanded its jewellery retail presence by adding a total of 18 stores, bringing the company’s jewellery retail footprint to 792 stores, including 233 stores of CaratLane.

Titan said that the jewellery division achieved 21% YoY growth in Q1FY24. The growth in the number of buyers surpassed the growth in the average ticket size during this period. Despite significant volatility in gold prices throughout the quarter, sales during the auspicious occasion of Akshaya Tritiya in April and wedding-related purchases in June remained robust. Both the gold and studded categories performed well, with no notable change in the overall product mix.

Titan said that new store additions, golden harvest schemes, and exchange programs continued to contribute significantly to the division’s success.

Notably, Tanishq, a popular jewellery brand under Titan’s umbrella, expanded its international presence by adding a new store in Sharjah, bringing its total store count in the GCC region to 7, with 1 store in the USA. Domestically, Tanishq added 9 new stores, while Mia by Tanishq opened 8 stores during the quarter.

In its Annual Report 2022-23, the company said it aspires to further strengthen its international presence to 25 international stores by the end of FY 2023-24, with growth primarily being driven by additions in the GCC region.

CaratLane, Titan’s online jewellery brand, demonstrated impressive growth of 32% YoY, bolstered by strong performances during Akshaya Tritiya, the launch of the ‘Ada’ hero collection, the introduction of ‘Minion X’ for kids, and the creation of new micro-occasions for jewellery gifting, such as ‘First Salary Gifting.’ The business added 11 new domestic stores in Q1FY24.

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