Despite a high base in the same period last year, the company said that strong consumer sentiment helped all of its categories register significant double-digit growths. In its BSE filing, Titan stated that it was continuing the network expansion (net) and that there were 2,362 stores open as of the end of the quarter.
The Division experienced an approximately 11% YoY rise thanks to strong holiday new buyer growths, higher value purchases in the studded Titan’s jewellery category, and innovative new collections for the season (excluding bullion sales). In comparison to the same period last year, the growth of the gold jewellery (plain) sector sales was somewhat surpassed by those from the studded category. In keeping with the Division’s total sales growth, wedding sales increased.
The company’s watch and wearables divisions experienced 14% YoY growth, driven primarily by strong wearables market traction. Sales from the wearables sub-segment more than tripled in the quarter compared to the same period last year, thanks in large part to a wave of exciting product introductions in the fiscal year leading up to the holiday season.
Along with the overall Division, sales from Titan Eye+ outlets and the Trade & Distribution channel increased. In FY23, the sector experienced a 10% YoY growth. Meanwhile, the growth of Titan’s emerging businesses, which include fragrances and fashion accessories, increased by 50% and 21%, respectively, accounting for around 39% of the company’s YoY growth. Taneira, its Indian dress wear division, grew by 150% year over year thanks to new shop openings and strong 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.
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