Titan Company Ltd. has reported substantial revenue growth in recent fiscal quarters, highlighting its strong position in the jewellery market. The fourth fiscal quarter saw a 18% year-on-year growth in jewellery sales, driven by an increase in both new and repeat customers.
This growth is reflected across various segments, with plain gold and gem-studded jewellery experiencing similar upsurges. Notably, the opening of 27 new stores, including international expansions in Dubai and the US, has further strengthened Titan’s retail network.
Quarterly Highlights and Expansion
The last quarter of the fiscal year 2024 was marked by significant achievements for Titan, with a reported 17% year-on-year revenue growth. The addition of 86 new stores has expanded the company’s total retail presence to 3,035 locations. In particular, the jewellery segment demonstrated robust growth, contributing approximately 19% to domestic operations. The introduction of new Tanishq and Mia stores, both domestically and internationally, played a crucial role in this success.
Diverse Growth Across Segments
Apart from jewellery, Titan has seen positive developments in other areas. The watches and wearables segment reported a 6% growth, with e-commerce platform CaratLane experiencing a notable 30% surge. Despite a slight decline in the eyewear division, Titan’s emerging businesses, including fragrances, fashion accessories, and the premium fashion brand Taneira, have shown promising growth.
Implications for the Jewellery Industry
Titan’s continuous expansion and the strategic opening of new stores underscore the importance of diversifying product offerings and embracing e-commerce to stay competitive in the jewellery market. The consistent growth across various segments indicates a healthy demand for both traditional and contemporary jewellery designs. Jewellers can glean insights into consumer preferences and market trends from Titan’s performance, adapting their strategies to cater to evolving demands and seizing opportunities for international expansion.
