Jewellery brand Titan reports 9% revenue growth in Q1, adds 61 stores
Its jewellery division, which contributes over three-fourths of its revenue, reported 9 per cent growth in the domestic market and added 34 stores.
Leading jewellery and watchmaker Titan on Friday said that it clocked a standalone revenue growth of 9 per cent in the first quarter ended June 30, 2024.
The Tata Group-managed firm added 61 stores during April-June FY25, taking its combined retail network presence to 3,096 stores.
Its jewellery division, which contributes over three-fourths of its revenue, reported 9 per cent growth in the domestic market and added 34 stores.
“The auspicious week of Akshaya Tritiya witnessed double-digit growths (in Tanishq secondary sales) compared to the same period last year. However, high gold prices and their continued firmness had an impact on consumer demand,” it said.
Moreover, the quarter has lower wedding days and overall sentiments were “relatively muted” in comparison to Q1/FY24.
“Domestic growth came largely through an increase in average selling prices whereas buyer growth was in low single digit. Gold (plain) grew in high single digit while studded growth was moderately lower in comparison,” it said.
The Watches & Wearables (W&W) Division’s domestic business grew 14 per cent on YoY basis.
The company reported a healthy revenue growth of 17 per cent in the analogue watch segment. However, its wearables, which consist of smartwatches, witnessed a decline of 6 per cent YoY.
“Customer preferences towards premium products was clearly visible with higher growths seen in Titan, Helios channel and Nebula, Edge and Xylys,” it said adding the division added 17 new stores in the June quarter.
Domestic revenue from the EyeCare Division, which made a foray into affordable fashion, grew 3 per cent in the quarter.
Titan Eye+ added 3 new stores in India during the quarter.
Its Indian dresswear business Taneira grew 4 per cent. The brand opened 4 new stores during the quarter.
Similarly, its revenue from ‘ Fragrances & Fashion Accessories’ was up 4 per cent.
“Within businesses, Fragrances grew by 13 per cent YoY and Fashion Accessories saw a decline of 15 per cent YoY,” said an update from Titan, a JV between Tata Group and the Tamil Nadu government.
First Published: Jul 05 2024 | 6:50 PM IST