Despite the uncertain times, Titan Company’s quarterly report which was published on April 8 stated that, its quarter commenced well with the growth largely in line with their targets till the beginning March. It went on to assure that the Company, in line with its commitment to the interest of all its stakeholders is reaching out to all its associates and vendors and other business partners to ensure that they are capable of managing the crisis and also ensuring salaries are paid in time to all employees, direct and indirect. Ravi Kant, CEO of Watches retired on March 31 after 32 years of service and is being succeeded by Arun Narayan. 

Revenue for the jewellery division declined by five per cent due to lost sales in March 2020. Revenue growth of Jan and Feb was about 16.5 per cent. The diamond studded activation of the quarter did well and wedding jewellery sales continued to be good till the disruption. During the year the division added 40 Tanishq stores, 1 Zoya store, and 8 Mia stores for the year to date on net basis, with the retail space addition being 151,000 sq. ft.

The Watches and Wearables division grew by one per cent despite the significant loss of sales in March. Ecommerce was the fastest growing channel for both Q4 and full year. Retail sales in Large Format Stores of LFS (Shop-in-Shops) also grew well aided by Valentine activation sales and new product introductions. Titan Connected X, a full touch screen smartwatch with analogue hands, was announced at the division’s first wearables showcase, ‘Titan NXT’ held in Bangalore.

Titan collaborated with Khadi and Village Industries Commission (KVIC) to co-develop a set of two watches for men and women. These timepieces bring to life material innovation in watches by using authentic, hand-spun khadi on the dial and the strap. These watches were launched in a press event inaugurated by Union minister of MSME Nitin Gadkari. 

Under ‘Nebula’ brand which is for gold watches, ‘Nebula Deccan Treasures’ collection was launched priced between INR 95 K to INR 3.5 lakhs. These watches come with jadai, moti, piroi and stone carvinf techniques, traditionally found in jewels of the Deccan.