India’s Titan Company Limited managed to achieve growth in sales of watches and jewelry in the new financial year (started on April 1), despite very subdued consumer demand due to high gold prices.
For the first quarter of fiscal 2025, which ended June 30, Titan reported sales growth of 9% in gold jewelry and 15% in watches and accessories compared to the same period last year.
As the company noted in its press release, high gold prices, which have risen by an average of 20% over the past year, have had an impact on consumer demand. “Overall, sentiments were relatively muted in comparison to the first quarter of the last fiscal year,” it said.
Despite the general market situation, Titan, which owns jewelry brands Tanishq, Mia and Zoya, opened 33 new jewellery stores and 17 outlets selling watches and accessories in India last quarter. In addition, a Tanishq jewellery store has opened in Muscat, the capital of Oman.
As the company noted, customer preferences for premium products are obvious, which can be clearly seen in the sale of Xylys, Edge, and Nebula watches.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
