Titan Co. Ltd., India’s leading jewellery retailer with a 7% market share, recorded a 19% rise in total jewellery sales to ₹8,575 crores ($1.03 billion) for the Q2 FY24 that ended on 30th September 2023 owing to strong demand for high-ticket items. In the year-to-date (H1), the jewellery division’s revenues grew 19.2% to ₹17645 crores ($2.12 billion) and its EBIT grew 3.5% to ₹2205 crores, with a margin of 12.5%.
The jewellery business witnessed healthy double-digit growths in both buyers and average bill value per buyer during this Q2 period, Titan noted.
Within India, the jewellery business grew by 21% to ₹8,438 crores in the same period led by the ‘Festival of Diamonds’ (studded activation), Tales of Mystique collection, Rivaah X Tarun Tahiliani collection and well accompanied by regional campaigns, the company said.
Revenue from exports declined by 33% YoY due to lower inventory transfers to overseas subsidiaries, it said.
Earnings before interest and taxes (EBIT) came in at ₹1,206 crores, clocking an EBIT margin of 14.1% for Q2 FY24 (15.3% in Q2 FY23), helped by the better studded share in the portfolio.
Tanishq expanded its presence in Gulf Co-operation Countries (GCC) to enter Qatar with two new stores in Doha. Tanishq’s international presence now stands at 10 stores including the one store in New Jersey, USA.
Zoya entered the state of Gujarat by opening its first store at Palladium mall, Ahmedabad during the quarter. With this expansion, the niche luxury jewellery brand is now present in eight stores spread across the cities of Mumbai, New Delhi, Bengaluru, Gurgaon, Hyderabad, and Ahmedabad.
During the quarter, Tanishq opened 10 new stores in India, and Mia added 26 new stores thereby expanding its presence to 59 towns within India.
Caratlane’s total sales grew by 45% to ₹50 crores as compared to Q2 FY23. ‘Switch’, Caratlane’s first convertible jewellery collection, was launched targeting customers with a love for versatile designs that match their dynamic styling. The brand rolled out a ‘Request-In-Store’ feature during the quarter aimed at deepening the customer omni-channel experience. EBIT came in at ₹26 crores for Q2 FY24 clocking a margin of 4%.
C.K. Venkataraman, Managing Director, Titan Co., stated: “All our consumer businesses achieved healthy growth for the quarter. Jewellery business continued to shine well growing nearly 27% in consumer sales over last year. The store expansions in key markets are progressing well. We retain our focus on improving market share by offering differentiated products to our consumers touching their everyday lives in a meaningful way. The festive season in Q3 has started well and we are optimistic for our performance in the rest of the financial year.”