Titan Company Limited’s jewellery division reported a 9% year-on-year growth in the first quarter of FY25, which ended on June 30, 2024. This performance is noteworthy given the challenges posed by high gold prices and low consumer sentiment.
Per a report by Indian Jeweller, the division’s brands, including Tanishq, Mia, and Zoya, saw an 8% year-on-year growth in domestic operations. This growth was primarily attributed to higher average selling prices, although the increase in the number of buyers was marginal.
The Akshaya Tritiya festival notably boosted sales, with Tanishq experiencing double-digit growth in secondary sales compared to the same period last year.
However, the jewellery segment faced obstacles such as a 20% year-on-year rise in gold prices, which impacted consumer demand. Additionally, fewer wedding days in the quarter contributed to a more subdued market sentiment compared to Q1 FY24.
Despite these hurdles, Titan continued to expand its retail presence, adding 33 new stores to reach a total of 699 stores across India. This expansion included 11 new Tanishq stores, 19 Mia stores, and 3 Zoya stores. Internationally, Tanishq expanded by opening a new store in Muscat, Oman.
Caratlane, Titan’s subsidiary, also showed significant progress with an 18% year-on-year increase in business. The quarter saw Caratlane adding three new domestic stores, bringing its total to 275 stores across India.
