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Company sees 20% revenue growth, adds 81 new stores, ET Retail

Titan Company has clocked 20% year-on-year growth in revenue for the second quarter ended September. A total of 81 stores were added in this period, taking the group’s retail presence to 2,859 stores.

In the jewellery segment, 19% revenue growth was led by 20% growth in the domestic business and lower primary outgo from India to the international entities (driven by periodic inventory realignment).

“Building on the positive Q1 momentum, domestic consumer sales (secondary) exhibited strong YoY growth and were led by double-digit growths in buyers and ticket sizes,” the company said in a statement.

The jewellery division saw 37 store additions in India in this quarterly period, and out of which, 10 were in Tanishq, 26 in Mia by Tanishq and 1 store in Zoya.

The watches and wearables (W&W) division clocked domestic business growth of 32% YoY comprising 22% growth in the analog watches and 131% in wearables.

Analog watches growth was powered by healthy consumer sales in the mid to premium watches segment. The wearables category’s nearly 2.5x YoY growth propelled the segment’s share to the mid-teens in the W&W portfolio.

As many as 20 new stores were added in the quarter in the segment consisting of 10 in Titan World, 5 in Helios and 5 in Fastrack.

Meanwhile, the eyecare division witnessed sales growth of 12% YoY. The segment added 4 new Titan Eye+ and 1 new Fastrack store in the domestic market during the quarter.

In emerging businesses, fragrances and fashion accessories sales rose 4% YoY. In sub-segments, fragrances jumped 14% YoY whereas fashion accessories witnessed de-growth of 12% YoY.

Taneira’s sales grew 64% YoY and the brand opened 4 new stores during the quarter. CaratLane sales increased 45% YoY led by equal growth in studded sales, new collections, gifting campaigns and ‘old gold’ exchange program initiatives during the quarter.

On Friday, Titan shares closed 2.76% higher at Rs 3,305 on NSE.

  • Published On Oct 7, 2023 at 08:35 AM IST

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