Tata group firm Titan on Wednesday said it has witnessed “strong demand” across its consumer businesses and clocked 36 per cent growth over the festive quarter last year.
The company has witnessed a “buoyancy” in jewellery demand driven by festive purchases in October and November which helped the division achieve a 37 per cent growth for the quarter, Titan said in its Quarterly Update for Q3/FY 22.
While ticket sizes in the jewellery segment were “stable” and 15 per cent higher than pre-pandemic levels. The contribution from tier-1 towns continued to improve and was close to pre-pandemic levels, it added.
“Both walk-ins and customer conversions were significantly higher compared to last year. New buyer growth was higher than total buyer growth driven partly by Tanishq’s regionalisation strategy of winning in focus markets,” said Titan.
The company has also expanded the network of Tanishq’s stores by adding 14 more into it, which includes two new stores in Dubai at prime locations of Dubai mall and Al Barsha.
Its ‘watches and wearables’ division also saw strong growth momentum with 28 per cent year-on-year growth.
The segment has recorded growth in multi-brand channels, both online and offline, growing handsomely in the quarter, mainly on the back of the Titan brand, it added.
“PremiumiSation journey is helping to gain higher value. Sales from trade and large format stores (LFS) in particular clocked higher growth, followed by retail. Tier-II and -III towns did better than metros,” said Titan.
While its eyewear division also reported a strong growth of 27 per cent, driven by sunglasses and frames with a good demand uptick also seen in international brands.
“The division accelerated its growth journey with significant network expansion during the quarter,” it added.
While its ‘other businesses’, which includes fragrances and accessories, Taneira etc., reported the highest 44 per cent year-on-year growth.
It added two new stores at Noida and Bengaluru of its Indian ethnic wear brand Taneira, taking the total store count to 16 covering seven cities.
Titan was set up in 1984 as a joint venture between the Tata Group and the Tamil Nadu state government. While the Tata Group owns a 25.02 per cent stake, the state government owns a 27.88 per cent stake in the company.