Titan Company said that it has posted a 20 per cent on-year growth in revenue for the first quarter of FY24 with all key consumer business exhibiting double digit growth during the period. A total of 68 stores were added during Q1FY24 (including Caratlane) taking the total retail presence of Titan to 2778 stores, it said in a regulatory filing.
Titan’s jewellery division delivered a satisfactory performance with 21 per cent YoY growth in Q1FY24 with buyer growth higher than average ticket size growth for the period. “Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” it said. While Tanishq added a new store in Sharjah thereby expanding its international presence to 7 stores in the GCC region and 1 store in the USA, the domestic new store additions consisted of 9 stores in Tanishq and 8 stores in Mia by Tanishq. Titan’s jewellery division added a total of 18 stores during the quarter taking the total store count to 559 outlets.
Watches and wearables division, meanwhile, posted a growth of 13 per cent on-year with 8 per cent growth in analog watches segment and 84 per cent YoY growth in wearables. “Brand Titan and international brands saw strong buying momentum clocking handsome double digit growths. Consumer preferences for premium brands resulted in a good uptick in the average selling price for watches,” the company said. Among key channels, it added, Helios chain, large format stores and e-commerce registered higher growth rates in comparison to others. The segment added 26 new stores during the quarter which included 14 stores for Titan World, 9 Helios stores and 3 stores for Festrack.
Further, Titan’s eye care division saw sales growth of 10 per cent YoY wherein the trade and distribution (trade) channel grew faster than Titan Eye+ improving its contribution in the overall pie. The division added 5 new Titan Eye+ and 2 new Fastrack stores in the domestic market during the quarter.
In the emerging businesses category, fragrances and fashion accessories posted a 11 per cent on-year growth driven by 9 per cent growth in fragrances and 13 per cent growth in fashion accessories. “Taneira’s Q1 sales grew by 81 per cent YoY. The brand opened 6 new stores of which 3 stores were in new cities of Vijayawada, Agra and Berhampur and balance 3 stores were in the existing cities of Mumbai, Hyderabad and Lucknow,” it said.
And finally, CaratLane reported a growth of 32 per cent YoY driven with healthy contributions from multiple avenues that included sales during Akshaya Tritiya, ‘Ada’ – a new hero collection for the season, ‘Minion X’ – a new product launch for kids and building new micro-occasions for jewellery gifting like ‘First Salary Gifting’. Caratlane added 11 new stores during the first quarter of the financial year.