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Titan Revenue Grows During Diwali Season
Jan 5, 2020 6:02 AM
By Rapaport News
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RAPAPORT... Jewelry sales at Titan Company strengthened during the third fiscal quarter amid solid bridal demand, the Indian retailer said Saturday.
Revenue grew 11% year on year for the three months ending December 31, which included the important Diwali season, according to a trading update.
Consumer sentiment has been low recently because of an economic slowdown in India, leading to a decline in shopper numbers, Titan explained. However, jewelry retail sales were better than expected at the beginning of the quarter, possibly because wedding jewelry is relatively immune to external pressures, the company noted.
“The [jewelry] industry...witnessed reasonable growth in the festive season, and the company itself did better, and market-share gains were evident,” Titan chief financial officer Subbu Subramaniam said. “The division met its revised expectations for the quarter.”
Watch demand fell due to the weak consumer sentiment, while sales at CaratLane, Titan’s online jewelry retail platform, saw sales growth of 65%.
Titan is set to publish more detailed results at a later date, showing full data for revenue and profit.
Image: A Titan watch. (Shutterstock)
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Tags:
India, Jewelry, Rapaport News, retail, Titan, Titan Company
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