Leading jewellery and watchmaker Titan has recorded a 12% growth in its standalone business in the December quarter, led by “healthy consumer demand” spurred by a vibrant festive season.
“The positive consumer sentiment helped all categories clock healthy double-digit growths despite a high base in the same period of last year,” as per the quarterly update by Titan for Q3 FY23.
The Tata group firm also continued network expansion by adding 111 stores in October-December, taking the total number to 2,362 at the end of the quarter.
During the quarter, Titan Jewellery, which generally contributes more than two-thirds of its revenue, achieved 11 per cent Y-O-Y growth.
“Healthy new buyer growths in the festive period, higher-value purchases in the studded category and unique new collections for the season helped the division achieve an 11% growth YoY (excluding bullion sales),” said Titan.
Sales from the studded category moderately outpaced the gold jewellery (plain) segment. Wedding sales grew in line with the division’s overall sales, it noted.
As part of its global expansion, Titan opened its first international boutique store of Tanishq in New Jersey, US in December 2022.
“With this store opening, the international presence now spans 6 stores across Dubai, Abu Dhabi and the USA. The new store expansion (net) for the quarter consisted of 8 stores in Tanishq and 14 in Mia by Tanishq,” it said.
Its ‘Watches & Wearables’ segment reported 14 per cent growth Y-o-Y. This was 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 the same period last year,” it said.
In the eye care segment, the company said sales from Titan Eye+ stores and trade and distribution channel saw growth in-line with the overall division.
“EyeCare expanded its nationwide presence adding 36 new stores in Titan Eye+ (net) for the quarter,” it said.
Fragrances and Fashion Accessories (F&FA) grew 39% Y-o-Y. This was driven by 50% growth in fragrances and around 21% growth in fashion accessories, the update said.
Its Indian dress wear business Taneira expanded by 150% Y-o-Y, driven by new store openings and healthy double-digit growth from existing stores.
“The customer response during the festive season was quite encouraging. The brand opened 5 new stores during the quarter, taking the total store count to 36 covering 17 cities pan-India,” it said.