Titan Company Ltd., India’s biggest jewellery retail chain, reported softer sales during Q4 of FY 2021-22 that ended 31st March, 2022. Titan said its jewellery division – comprising the four brands Tanishq, Zoya, Mia and CaratLane – ended the volatile quarter with a 4% decline in revenue versus a strong Q4 FY21 base, which had a benefit of a large B2B order.
“Business saw subdued activity in top cities due to the Omicron wave in January 2022, a very strong resurgence in February 2022 and again a drop in customer purchases in March 2022 on the back of sharp rise in gold prices and sentiment impact due to the external geo-political conflict. While walk-ins saw minor decline, the customer conversions and ticket sizes grew marginally for the quarter compared to the same period last year,” the company said.
“Sales from top 8 cities grew in single digits while the rest of India saw a small decline. Though the plain jewellery category bore the brunt of gold volatility in Mar 2022 leading to a slight decline for the quarter, studded sales clocked in a high single-digit growth, thereby partially cushioning the impact,” it added.
Golden Harvest enrolments witnessed double digit growth rates. In Q4, Titan continued store expansions with the commissioning of 7 new Tanishq stores, 8 Mia stores and 1 Zoya showroom.
Tanishq’s Rivaah wedding jewellery collection ‘Romance of Polki’ was launched in March 2022 for the upcoming wedding season. Mia by Tanishq’s new collections of ‘The Cupid Edit’ and ‘Kiss of Spring-2’ focused on events of Valentine’s Day, Women’s Day and Mia’s 10th anniversary. Zoya’s marquee new collection ‘Aetema’ – ensconcing two new patents on stone cuts and an ode to infinite feminine energy marrying ancient symbolism with modern aesthetics, underscored the brand’s design legacy.
During the quarter, Titan invested $20 million in cash for a 17.5% stake in US-based lab-grown diamond (LGD) jewellery retailer Great Heights Inc. “to deepen its understanding of the LGD space.”