In the third quarter ending December 31, 2023, Tata-owned Titan Company, a leading player in the consumer discretionary sector, reported revenue growth of 22 per cent. This performance was observed across various segments, but mainly in its jewellery business.
Notably, the company expanded its footprint by adding 90 new stores during the quarter, bringing its total presence to 2,949 stores. This comes as Titan had 2,859 stores at the close of the preceding quarter in September.
The business update for the December quarter indicates a robust performance in the overall jewellery business, with a notable 23 per cent year-on-year growth. The domestic segment specifically recorded a 21 per cent year-on-year increase, attributed to substantial growth in buyer numbers and a modest uptick in average selling prices.
The growth in gold (plain) and coins in this festive quarter notably exceeded the studded sales growth driven by higher consumer interest in gold despite elevated prices and volatility. Suitable investments in exchange programmes and consumer offers were carried out during the festive period to maintain growth momentum. Wedding segment contribution improved marginally YoY.
Tanishq has extended its global footprint with the inauguration of two new stores in the United States, located in Houston and Dallas. Additionally, the brand has expanded its presence in Singapore with the opening of a new store. Within India, Tanishq’s growth strategy is evident, with the addition of 34 new stores (net) during the quarter. Among these, 18 stores have been incorporated under the Tanishq banner, while the Mia brand has seen the establishment of 16 new outlets.
In the watches and wearables segment, Titan experienced robust growth of 21 per cent year-on-year during the third quarter. This category, contributing nearly 11 per cent to the company’s total income, saw a noteworthy performance from brands such as Titan, Sonata, Helios, and various international brands, propelling the double-digit growth.
While the fashion and fragrances segment witnessed a decline of around 9 per cent, Titan’s premium fashion brand Taneira recorded an impressive revenue surge of approximately 61 per cent. The addition of 11 new Taneira stores across different cities contributed to this remarkable growth. Titan’s overall store count increased by 34 during the quarter.
Titan’s shares closed 0.18% lower on the NSE on Friday, at Rs 3,713.
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