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Tanishq Gains in Indian Gold-Buying Season
Jul 6, 2016 10:12 AM
By Rapaport News
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RAPAPORT... Titan Company said its Tanishq brand probably increased its
market share during a crucial part of the Indian jewelry calendar, as sales
grew while competitors faltered.
The Akshaya Tritiya weekend in May, traditionally a strong time for
buying gold, brought “some sales growth” for the company’s flagship brand.
“Our channel information suggests that some of the other
large players in the industry may have declined by as much as 30 percent over
the Akshaya Tritiya period, suggesting market-share growth for Tanishq,” the
retailer said in a statement. The division had a “decent” first fiscal quarter
– ending June 30 – despite the loss of sales in the first 15 days caused by a
nationwide jewelers' strike over a new excise duty.
Meanwhile, a new
requirement for customers to present their permanent account number (PAN)
card when buying jewelry over $2,960 (INR 200,000) had a “visible” impact in
some product bands. The effect will probably stabilize over time once customers
get used to the new threshold, which was previously $7,410 (INR 500,000).
The company opened five new Tanishq stores in the first
quarter and closed two Gold Plus stores. Full quarterly results for the period
are expected in early August.
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Tags:
Akshaya Tritiya, gold, India, India strike, PAN cards, Rapaport News, Strike, Tanishq, tax, Titan, Titan Company
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