Titan on Friday said it had registered a growth of about 25% year-on-year in the September quarter. The company said a net 75 stores were added in the quarter, taking its combined retail network presence to 3,171 stores.
Consumer demand, the management said, significantly picked up momentum after the reduction in custom duty on gold imports from 15% to 6%, leading to a strong double-digit uptick in gold (plain) for the quarter.
The non-solitaire studded segment recorded growth in high double-digits whereas solitaires saw a decline amidst price uncertainty and demand supply dynamics in the international markets, together resulting in an overall studded sales growth in low double-digits in Q2.
The launch of new collections, promotions and various marketing campaigns spurred buyer growth at about 11% y-o-y, the company said.
Caratlane’s business clocked a growth of about 28% y-o-y, helped by activations and healthy growth in brand searches. Buyers grew about 24% y-o-y and the like-to-like (secondary) growth was about 21% y-o-y. Eleven new new domestic stores were added in the quarter expanding its network presence to 286 stores pan-India.
The watches & wearables domestic business grew by around 19% y-o-y. Revenue growth in Analog was around 25% y-o-y well supported by both volume and value growth. “Premiumsation theme continued to be a major driver across brands,” the company observed. It added that the wearables witnessed a revenue decline in low double-digits in a category that is continuing to see significant decline. The Division added a net 34 new stores in the quarter consisting of 18 stores in Titan World, 14 in Helios and 2 in Fastrack respectively.