Titan Company Limited has reported a commendable performance in its jewellery division, which saw 9% year-on-year growth for the first quarter of FY25 that ended 30th June 2024, despite facing challenges from high gold prices and subdued consumer sentiment.
The jewellery segment, which includes brands like Tanishq, Mia, and Zoya, registered a year-on-year growth of approximately 8% from domestic operations. This growth was primarily driven by an increase in average selling prices, although the number of buyers saw only a low single-digit increase. The auspicious week of Akshaya Tritiya contributed significantly, with Tanishq witnessing double-digit growth in secondary sales compared to the same period last year.
However, the high gold prices, which saw a year-on-year increase of around 20%, impacted consumer demand. Additionally, fewer wedding days during the quarter led to relatively muted overall sentiments compared to Q1 FY24.
Despite these challenges, the division managed to expand its footprint to 699 total stores, adding 33 new stores in India, including 11 Tanishq stores, 19 Mia stores, and 3 Zoya stores. Tanishq also marked its international presence by opening a new store in Muscat, Oman.
Caratlane’s business grew around 18% year-on-year. The business added three new domestic stores in the quarter expanding its network presence to 275 stores pan-India.
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