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Titan Revenue Jumps in Strong Diwali Season
Jan 9, 2022 6:49 AM
By Rapaport News
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RAPAPORT... Titan Company, India’s largest jewelry retailer, saw sharp sales growth in the last three months of 2021 as consumer spending strengthened during the crucial Diwali period.
“Buoyancy in jewelry demand driven by festive purchases in October and November helped the division achieve significant revenue uplift for the quarter,” Titan said in a trading update Thursday. “Both walk-ins and customer conversions were significantly higher compared to last year.”
Group revenue jumped 36% year on year for the three months ending December 31, the company’s third fiscal quarter. Jewelry sales increased 37% for the period, while revenue from watches and wearables advanced 28%. Diwali, which occurred on November 4, is the year’s most important occasion for gold and jewelry purchases in India.
Sales growth from new buyers was stronger than for the total customer base, partly because the company upped the regional focus of its Tanishq brand, enabling an expansion of its market share in certain locations. Tanishq added a net 14 stores during the quarter, including two in Dubai.
In addition, the proportion of sales coming from gem-studded jewelry increased compared with a year earlier, the company noted.
The numbers reflect a further recovery for India’s retail sector: Sales were already strong for the same quarter of 2020 as consumers returned from lockdowns with renewed desire to spend. The company is due to release full data — including revenue figures — at a later stage.
Image: A Tanishq store in New Delhi, India, in October 2021. (Shutterstock)
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Tags:
Diwali, India, Jewelry, Rapaport News, retail, Tanishq, Titan, Titan Company
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