The Titan Company registered Revenue growth of 20% YoY in Q2FY24. A total of 81 stores were added in this period, taking the group’s retail presence to 2,859 stores. Jewellery Division’s c.19% YoY Revenue growth was led by c.20% growth in the Domestic Business and lower primary outgo from India to the International entities (driven by periodic inventory realignment).
Building on the positive Q1 momentum, domestic consumer sales (secondary) exhibited strong YoY growth and were led by double-digit growths in buyers and ticket sizes. Studded activations, new collection launches, robust Golden harvest sales, healthy wedding and high value studded purchases were key enablers propelling growth in the quarter.
Division’s continued investments in exchange programs and consumer offers also helped maintain this momentum. Tanishq expanded its GCC presence by entering Qatar and adding 2 new boutiques in Doha. Of the 37 new store (net) additions in India in this quarterly period, 10 stores were in Tanishq, 26 stores in Mia by Tanishq and 1 store in Zoya respectively.
The sales from Ecommerce more than doubled as the partners stocked up in anticipation of strong Q3 festive season sales. The Wearables category’s nearly 2.5X YoY growth propelled the segment’s share to the mid-teens in the W&W portfolio. 20 new stores were added in the quarter consisting of 10 in Titan World, 5 in Helios and 5 in Fastrack respectively.
Taneira’s sales grew c.64% YoY and the brand opened 4 new stores during the quarter. CaratLane sales grew by c.45% YoY led by equal growth in studded sales, new collections, gifting campaigns and ‘old gold’ exchange program initiatives during the quarter. Business added 13 new domestic stores in this period expanding the network presence to 246 stores in 97 cities across India.
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