Titan Company Limited has reported a commendable performance in its jewellery division for the first quarter of FY25, which ended on June 30, 2024. The division saw a 9% year-on-year growth despite high gold prices and subdued consumer sentiment.
The jewellery segment, which includes brands like Tanishq, Mia, and Zoya, achieved approximately 8% year-on-year growth from domestic operations. This growth was primarily driven by an increase in average selling prices, even though the number of buyers only saw a low single-digit increase. The auspicious week of Akshaya Tritiya contributed significantly, with Tanishq witnessing double-digit growth in secondary sales compared to the same period last year.
High gold prices, which saw a year-on-year increase of around 20%, impacted consumer demand. Additionally, fewer wedding days during the quarter led to relatively muted overall sentiments compared to Q1 FY24.
Despite these challenges, the division expanded its footprint to 699 total stores, adding 33 new stores in India. This includes 11 Tanishq stores, 19 Mia stores, and 3 Zoya stores. Tanishq also marked its international presence by opening a new store in Muscat, Oman.
Caratlane’s business grew around 18% year-on-year, adding three new domestic stores in the quarter and expanding its network presence to 275 stores pan-India.
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