Titan grows at 24% in Q3 amid strong festive demand
Increased gold prices and wedding purchases aid growth
New Delhi: Tata group firm Titan Company Ltd on Monday said it registered a year-on-year growth of 24 per cent on a standalone basis in the third quarter of the ongoing fiscal buoyed by strong festive demand, especially in the jewellery segment.
The domestic jewellery segment grew 25 per cent Year-on-Year (YoY) buoyed by strong festive demand. Robust consumer traction during Diwali translated into high single-digit buyer growth along with double-digit ticket size growth, the company said in its quarterly update.
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Plain gold exhibited particularly strong momentum growing 24 per cent YoY benefiting from increased gold prices, and festive and wedding purchases, it added.
Notably, gold coin sales grew 48 per cent YoY reflecting consumer preference for gold as an investment avenue and customary purchases during the festive occasion of ‘Dhanteras’, the company said, adding that studded grew 21 per cent YoY, recording its highest quarterly print, till now, for FY25. In the international market, jewellery chain Tanishq added a new store each in Seattle, US and Gold Souk, Dubai. In India, of the 24 new store net additions, 11 stores were added in Tanishq and 13 stores were added in Mia, the company said.
Titan Co said the domestic ‘watches & wearables’ segment grew 13 per cent YoY with analog watches maintaining its FY25 growth momentum and clocking a 19 per cent growth, driven by festive demand and well supported by healthy premiumisation trends.
The domestic EyeCare segment posted 17 per cent growth led by retail and e-commerce, both on revenue and buyers, it added.
In the emerging businesses, fragrances clocked a 27 per cent growth but fashion accessories were lower by 20 per cent. Caratlane grew 25 per cent driven by a strong 26 per cent growth in the studded portfolio, the company said.
