Titan Company Ltd, a part of the Tata Group, reported a 9 per cent year-on-year growth in its business for the first quarter ending June 2024. The Tata Group-managed firm added 61 stores during the quarter taking its retail network presence to 3,096 stores.
In the jewelry division, the domestic market saw an 8 per cent rise, supported by the addition of 33 new stores. During the week of Akshaya Tritiya, Tanishq’s secondary sales showed double-digit growth compared to the previous year. However, high gold prices affected consumer demand. Despite subdued gold-buying sentiments, the domestic market showed growth driven by higher average selling prices and modest single-digit growth in buyer numbers.
The watches and wearables segment experienced a 14 per cent growth, with 17 new stores added. analogue revenue grew significantly by approximately 17 per cent y-o-y, while wearables witnessed a decline of about 6 per cent. There was a noticeable preference for premium products, evident in the strong growth of Titan, and Helios channels, as well as brands like Nebula, Edge, and Xylys.
The EyeCare wing saw an uptick of 3 per cent. The division’s launch into affordable fashion and the launch of premium eyewear ‘Runway’ contributed to its growth.
In Emerging Businesses, Taneira’s Revenue grew 4 per cent and the Fragrances & Fashion Accessories Revenue grew 4 per cent. Within businesses, Fragrances grew by 13 per cent and Fashion Accessories saw a decline of 15 per cent.
The Caratlane’s business grew 18 per cent y-o-y. The business added three new domestic stores in the quarter expanding its network presence to 275 stores pan-India.