Titan's Jewellery Division Shines Despite Challenges: Q1 FY25

Despite navigating high gold prices and subdued consumer sentiment, the division reported a commendable 9% year-on-year growth

Post By : IJ News Service On 08 July 2024 12:21 PM

Titan Company Limited showcased strong performance in its jewellery division during the first quarter of FY25, ending 30th June 2024. Despite challenges posed by high gold prices and subdued consumer sentiment, the division achieved a notable 9% year-on-year growth. 

The jewellery segment, which encompasses brands such as Tanishq, Mia, and Zoya, recorded an approximately 8% year-on-year growth from its domestic operations. This growth was primarily driven by higher average selling prices, although the number of buyers saw only a marginal increase. The auspicious occasion of Akshaya Tritiya significantly bolstered sales, particularly for Tanishq, which saw double-digit growth in secondary sales compared to the previous year.

However, the division faced headwinds from a 20% year-on-year increase in gold prices, which dampened consumer demand. Additionally, fewer wedding days in the quarter contributed to subdued overall sentiments compared to Q1 FY24.

Despite these challenges, Titan expanded its retail footprint, adding a total of 33 new stores to reach 699 stores in India. This expansion included 11 new Tanishq stores, 19 Mia stores, and 3 Zoya stores. Furthermore, Tanishq extended its international presence with the opening of a new store in Muscat, Oman.

Caratlane, a subsidiary of Titan, demonstrated robust growth with an 18% year-on-year increase in business. The quarter saw the addition of three new domestic stores, expanding Caratlane's network to 275 stores across India.

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