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Titan Jewelry Sales Fall Amid India Lockdown
Apr 21, 2020 10:19 AM
By Rapaport News
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RAPAPORT... Jewelry sales at Titan Company slipped in the fourth fiscal quarter as news of the pandemic weighed on consumer sentiment in March.
Revenue for the jewelry division — which includes the Tanishq, Zoya and Utsava collections— decreased 5% in the three months ending March 31 due to lost sales during the final month of the quarter. As the coronavirus spread, and the World Health Organization (WHO) reported it as a pandemic, sales began to dip sharply, Titan said earlier this month. In addition, stores were closed from March 22, as India was put on a voluntary curfew and later a nationwide lockdown.
Revenue for January and February grew 17% year on year, Titan noted, with bridal and diamond-studded jewelry performing well.
Revenue from watches rose 1% despite a “significant” drop in sales in March, the company noted. E-commerce sales were the biggest growth driver for timepieces, both in the fourth quarter and for the full year.
Meanwhile, Titan faced changes to its jewelry and watch divisions during the period. Ravi Kant, the CEO of the watches division, who had been with the jeweler for 32 years, retired on March 31, as did Sandeep Kulhalli, senior vice president of sales and marketing for jewelry.
The March shutdown has had a “severe” impact on revenue growth for the quarter, as well as for the year, Titan warned.
“The company is working out its strategy to manage this crisis, with particular focus on ensuring adequate liquidity is available till normalcy returns,” Titan added. “Cost will be another major focus area for the company in these trying times.”
Image: A Tanishq showroom at Balmatta road in Mangalore. (Aviator 423)
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Tags:
Coronavirus, COVID-19, Rapaport News, Ravi Kant, Sandeep Kulhalli, Tanishq, Titan, Titan Company, Utsava, who, World Health Organization, Zoya
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