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Titan Sales Recover After Two Years of Disruption
Jul 11, 2022 7:59 AM
By Rapaport News
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RAPAPORT... Sales bounced back at India’s Titan Company last quarter as the market stabilized following disruption resulting from Covid-19.
Jewelry revenue jumped 207% year on year for the three months ending June 30, the retailer reported last week. Sales of watches and wearables leaped 158%, while CaratLane, Titan’s e-commerce jewelry brand, saw growth of 207%. The company, which owns the Tanishq brand, will release full data at a later stage.
The period “was a near-normal first [fiscal] quarter after a gap of two years,” management noted. A severe coronavirus wave forced many stores to close for several weeks in May 2021. Sales were weaker still in April to June 2020, when the first round of lockdowns took effect.
The company enjoyed strong demand related to the spring Akshaya Tritiya festival, which is considered an auspicious time for buying gold, it said. Overall ticket size improved slightly compared with the previous quarter. Sales of plain gold jewelry grew especially sharply, with studded items also returning to pre-pandemic levels.
Image: A Tanishq store. (Titan Company)
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Tags:
Akshaya Tritiya, CaratLane, COVID-19, India, Jewelry, Rapaport News, retail, Tanishq, Titan, Titan Company
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