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Titan Revenue Drops as Gold Price Surges
Oct 23, 2019 9:20 AM
By Rapaport News
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RAPAPORT... Jewelry sales declined at Indian retailer Titan
Company after a hike in gold prices dampened consumer appetite.
Revenue for the category dropped 2% year on
year in the second fiscal quarter ending September 30, Titan reported in a
recent trading update. Sales
slumped in July, before picking up in August and September as the company
introduced promotions to attract customers.
“The division
witnessed a sharp fall in sales after a sudden surge in gold prices dented consumer
demand from mid-June,” the jeweler said. “The weakness continued during July
too, and resulted in considerable degrowth in sales during the month.”
During the quarter, Titan’s Tanishq brand launched Ahalya, a collection of high-value
diamond necklaces. It also opened a net 21 Tanishq stores, adding 67,000 square
feet of retail space.
Meanwhile, C K Venkataraman succeeded Bhaskar Bhat as Titan’s managing
director on October 1. Ajoy Chawla has taken on Venkataraman’s previous role as
CEO of the jewelry division, the retailer added.
Watch sales rose 7% for the quarter, the company added. Titan is due
to publish more detailed results at a later date.
Image: A pair of earrings by Titan brand Tanishq. (Titan Company)
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Tags:
India, Jewelry, Rapaport News, Titan, Titan Company
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