Titan recorded Revenue growth of 20 per cent Year-on-Year for Q1 FY24 with all key consumer businesses exhibiting double digit growth in the quarter, the company announced through an exchange filing. A total of 68 stores were added (including CaratLane) during the quarter taking Titan's retail presence to 2,778 stores.
Titan Jewellery division
Jewellery Division delivered a satisfactory performance growing 21 per cent YoY in Q1 FY24. Buyer growth was higher than average ticket size growth for this period. Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust. The key categories of gold and studded grew well with no notable change in the overall product mix.
New store additions, golden harvest and exchange programs continued to do well during the quarter. Tanishq added a new store in Sharjah thereby expanding its international presence to 7 stores in the GCC region and 1 store in the USA. The domestic new store additions consisted of 9 stores in Tanishq and 8 stores in Mia by Tanishq.
Titan watches and wearables
Watches & Wearables Division's 13% YoY growth consisted of 8 per cent growth in analog watches segment and 84 per cent YoY growth in Wearables. Brand Titan and international brands saw strong buying momentum clocking handsome double digit growths. Consumer preferences for premium brands resulted in a good uptick in the average selling price for watches.
Amongst key channels, Helios chain, Large Format Stores (LFS) and E-commerce clocked higher growth rates compared to others. Of the 26 new stores added in the quarter, 14 stores were in Titan World, 9 stores in Helios and 3 stores in Fastrack respectively.
Titan EyeCare Division
EyeCare Division saw sales growth of 10 per cent YoY. The Trade & Distribution (Trade) channel grew faster than Titan Eye+ improving its contribution in the overall pie. The Division added 5 new Titan Eye+ and 2 new Fastrack stores in the domestic market during the quarter.
Titan Emerging businesses
In Emerging Businesses, Fragrances & Fashion Accessories grew 11 per cent YoY driven by 9 per cent growth in Fragrances and 13 per cent growth in Fashion Accessories. Taneira's Q1 sales grew by 81 per cent YoY. The brand opened 6 new stores of which 3 stores were in new cities of Vijayawada, Agra and Berhampur and balance 3 stores were in the existing cities of Mumbai, Hyderabad and Lucknow.
CaratLane grew 32 per cent YoY driven with healthy contributions from multiple avenues that included sales during Akshaya Tritiya, 'Ada' - a new hero collection for the season, 'Minion X' - an exciting new product launch for kids and building new micro-occasions for jewellery gifting like 'First Salary Gifting'. Business added 11 new domestic stores in Q1 FY24.
