Titan Industries reported a 36% growth in revenues in the crucial third quarter of FY21-22, thanks to a buoyant consumer sentiment as the purported third wave of the Coronavirus never took off during Aug – Sep. ‘20 and consumers spent carefree across almost all categories. The company also opened 95 new stores including an Airport Retail outlet.
The jewellery business under the brand name “Tanishq” reported 37% growth in Sales over the same period during the previous financial year and added 14 new stores to its network of 428 stores in India & abroad. Titan watches, through its EBO Titan World as well as through its trade business witnessed a growth of 28% adding 20 new stores taking the tally to 809 outlets. The eyewear business, which includes spectacle frames, lens and sunglasses grew 27% including 53 new stores to take the “Titan Eye+” network to 682 across India. Caratlane, in which the company has a 72% stake grew the highest at 94% and the company opened its first ever travel retail store at Bengaluru International Airport during the quarter ending 31 Dec. ‘21.
Buoyancy in jewellery demand driven by festive purchases in October and November helped the division achieve significant Revenue uplift for the quarter. Both walk-ins and customer conversions were significantly higher compared to last year. New buyer growth was higher than total buyer growth driven partly by Tanishq’s regionalization strategy of winning in focus markets. While ticket sizes were stable, they were ~15% higher than pre-pandemic levels. The contribution from Tier-1 towns continued to improve and were close to pre-pandemic levels. Both plain and studded categories witnessed strong double digit growth. Studded share in the overall pie has slightly improved compared to same period last year. GHS enrolments have recorded high double digit growth rates driven by strong buyer uptick. Tanishq’s network expansion of 14 stores (net) includes 2 new stores in Dubai at prime locations of Dubai mall and Al Barsha, the company said in an official statement.
Titan Smart watch, launched in end December, is Alexa enabled apart from heart rate, sleep & stress monitors, V02 measurement, period tracker, seeing extremely good response from customers. ‘Titan Maritime II’ and ‘Raga Love Alf were Titan’s new launches during the quarter. A high impact TV campaign in October with a fresh and young take on Titan Mechanicals saw 2.5X jump in their sales. Fastrack unveiled its new brand proposition for Gen Z- ‘YouDoYou’throughaseriesofTVcampaignsandsocialmediaconversations.Sonatalauncheditsmarquee collection ‘Unveil, skeletal quartz designs for both men and women, during the quarter.
