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Titan Upbeat After Strong Quarter
Nov 7, 2017 7:33 AM
By Rapaport News
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RAPAPORT... Titan Company experienced a rise in sales and profits in the
second fiscal quarter as the Indian jeweler benefited from a government U-turn
on regulation and the broadening of its well-known Tanishq brand.
Revenue grew 30% to $541.8 million (INR 35.18 billion) in
the three months ending September 30, including subsidiaries, the retailer
reported last week. Profits soared 67% to $42.8 million (INR 2.78 billion).
Titan, which operated 1,415 retail stores at the end of the
quarter, said it was on track to complete its conversion of 19 stores under the
Goldplus jewelry brand into Tanishq stores. The rebranding campaign has already
made the stores more visible to the consumer, resulting in higher profits, the
company explained.
In addition, the government’s decision to exempt the gem and
jewelry industry from reporting requirements under the Prevention of Money
Laundering Act (PMLA) worked to the company’s advantage. The program initially
included the jewelry trade.
“Our jewelry business was impacted by the PMLA regulations
at the beginning of the quarter, but the roll-back, just before the festive
season, provided a boost to the business,” said Titan managing director Bhaskar
Bhat.
“The watch business also witnessed growth across most
channels, with the festive season build-up appearing very encouraging,” he
added.
Image: Gem & Jewellery Export Promotion Council
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Tags:
India, Jewelry, Rapaport News, retail, Titan, Titan Company
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