According to a regulatory filing, Titan clocked a 12% growth in combined sales YoY across Company’s standalone businesses. The positive consumer sentiment helped all categories clock healthy double digit growths despite a high base in the same period of last year. Continuing the network expansion (net), the retail presence stands at 2,362 stores as at the end of the quarter.
Jewelry sales witnessed an 11% growth YoY. The sales from studded category moderately outpaced gold jewellery (plain) segment growth compared to the same period last year. Wedding sales grew in-line with the Division’s overall sales. Tanishq opened its first international boutique store in USA, New Jersey in December 2022. With this store opening, the international presence now spans 6 stores across Dubai, Abu Dhabi and USA. The new store expansion (net) for the quarter consisted of 8 stores in Tanishq and 14 in Mia by Tanishq.
It also reportedd 14% growth for watch sales, led by strong traction in the wearables space. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to same period last year. The analog watches segment too saw multiple product launches like Edge Squircle, Titan Quartet and new range of mechanical watches for men and Raga Delight watches. Targeted campaigns and activations and the desire to own more premium / differentiated watches helped in good consumer demand for key brands in the portfolio. The Division had also initiated a retail store transformation journey across Titan World and Helios stores since mid of FY22. In line with the changes, 81 stores have been renovated till now in YTD FY23 offering premium experience to customers. Store expansions pan-India (net) included 24 new store additions of Titan World, 17 of Helios and 7 in Fastrack for the quarter.
Sales from Titan Eye+ stores and Trade & Distribution channel saw in-line growth with the overall Division. EyeCare expanded its nation-wide presence adding 36 new stores in Titan Eye+ (net) for the quarter.
