Titan's jewelry revenue grew 39% year-on-year in the first quarter, compared to an 18% growth in the same period of last year. The company announced this after summing up the results of the new financial year, the first quarter of which ended on June 30. The brand's jewelry segment includes Tanishq, Mia, and CaratLane brands.
Sales growth was driven by stable gold prices and the Akshaya Tritiya festival (a sacred Hindu and Jain spring festival that falls on April 19 this year). A tradition of the festival is buying gold, which symbolizes the invocation of eternal material prosperity to the household. Gold is associated with the goddess of wealth, Lakshmi. It is believed that precious metal purchased on this day will never run out, but will only increase in value.
Diamond jewelry sales noticeably increased by 30% - 35%, compared to relatively low growth last year. Gold prices remained relatively stable during this period, which is also the traditional time for consumers to purchase gold jewelry for weddings in India.
Watch revenue grew 23% year-on-year.
Titan opened 77 new stores at the end of the quarter, bringing its total to 3,680.
Titan also generates revenue from eyewear and other businesses, including perfumes and fashion accessories.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
