Titan Company’s jewelry revenue climbed in the fourth fiscal quarter as a continued rise in the price of gold led to strong demand for more expensive pieces.
Sales for the segment grew 25% year on year for the three months ending March 31, the India-based jeweler reported Monday.
“The company closed the fiscal year on a strong note, clocking robust performance across key business segments,” it noted. “Jewelry grew on the back of a significant increase in gold prices. Both plain gold jewelry and coins…led this growth, reflecting high consumer preference for gold.”
The increased demand for gold spurred high double-digit growth in ticket sizes. While gem-studded jewelry registered low double-digit growth for the quarter, the solitaire diamond segment saw a “turnaround” and registered both “buyer and value growth” during the period, Titan said. The retailer also benefited from the opening of 16 new stores in India in the quarter, including four Tanishq outlets and 12 Mia locations. Titan opened three new international Tanishq shops, one in the United Arab Emirates (UAE) and two in the US: in Atlanta, Georgia, and Seattle, Washington.
Sales of watches and wearables increased 22%, while e-commerce business CaratLane grew by the same figure. Titan also earns revenue from an eyewear brand, as well as from emerging operations including fragrances, fashion accessories and Indian dress wear.
In total, the company’s retail network increased by 72 stores over the three months, for a total of 3,312 locations. The group is set to publish its full sales data — including revenue figures — in the coming weeks.
Image: A Tanishq store in New Jersey. (Titan Company)
