Titan reports 20% revenue growth in Q2, Jewellery Division reports 19% revenue growth

Leading jewellery and watchmaker Titan on Friday reported a 20 per cent growth in standalone revenue for the second quarter ended September 30, 2023.

The Jewellery Division added 39 stores, taking the total count to 598. Pic: Reuters

Leading jewellery and watchmaker Titan on Friday reported a 20 per cent growth in standalone revenue for the second quarter ended September 30, 2023. During the period, it added 81 stores across verticals, taking the group's retail presence to 2,859 outlets, according to a quarterly update by Titan.

Its jewellery division reported a revenue growth of 19 per cent.

Building on the positive first quarter momentum, domestic consumer sales (secondary) exhibited strong year-on-year growth and were led by double-digit increase in buyers and ticket sizes.

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Moreover, as part of its global expansion, its jewellery brand Tanishq expanded its Gulf Cooperation Council (GCC) presence by entering Qatar and adding two new boutiques in Doha.

The Jewellery Division added 39 stores, taking the total count to 598.

The Watches & Wearables (W&W) Division's domestic business grew 32 per cent. This comprises 22 per cent growth in the Analog watches and over two-fold growth in Wearables.

"The Wearables category's nearly 2.5X year-on-year (YoY)growth propelled the segment's share to mid-teens in the W&W portfolio," it said.

The segment added 20 new stores in the quarter consisting of 10 in Titan World, five in Helios and five in Fastrack respectively.

Over the 'EyeCare' segment, Titan said it "witnessed sales growth of 12 per cent YoY." International brands grew faster as compared to House brands. The Division added four new Titan Eye+ and one new Fastrack store in the domestic market during the quarter.

Its Fragrances & Fashion Accessories (F&FA) grew 4 per cent YoY. This was driven by 14 per cent growth in fragrances and 12 per cent growth in fashion accessories, the updates said.

Its Indian Dress Wear business Taneira "sales grew 64 per cent YoY and the brand opened four new stores during the quarter."

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