India’s Titan Company reported a 25% increase in consolidated sales for the second quarter of financial year ended September 30.
In a press release it noted that the revenue growth of the Titan Company - the country's largest jewellery retailer - during the second fiscal quarter was driven primarily by brand marketing initiatives, including Tanishq’s "Festival of Diamonds" campaign and other promotional activities.
Revenue for the company’s jewellery division, which encompasses the Tanishq, Mia, and CaratLane brands, rose by 21% during the quarter. For comparison, jewellery sales had grown by 39% during the same period last year.
Demand remained strong throughout most of the quarter, though it softened slightly toward the end of the period as the timing of festive events shifted into the third fiscal quarter.
Sales of studded jewellery (including diamond pieces) grew by 30% - 35%, while sales of plain gold jewellery and watches increased by approximately 20% and 30%, respectively.
The company expanded its retail network by opening 78 new stores, bringing its total number of outlets to 3,758 by the end of the quarter.
The company also generates revenue from eyewear and other products, including fragrances and fashion accessories. Year-on-year growth in the watches and sunglasses categories stood at 30% and 28%, respectively.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
