Titan reported 12 per cent growth in combined sales year-on-year (YoY) across the company’s standalone business in the quarter ended December 2022.
“The positive consumer sentiment helped all categories clock healthy double-digit growth despite a high base in the same period of last year. Continuing the network expansion (net), the retail presence stands at 2,362 stores as at the end of the quarter,” the company said on Friday in its regulatory filing.
The festive season’s jewellery, higher-value purchases in the studded category, and unique new collections for the season all contributed to the division’s 11 per cent YoY growth (excluding bullion sales).
“The sales from the studded category moderately outpaced gold jewellery (plain) segment growth compared to the same period last year. Wedding sales grew in-line with the Division’s overall sales. Tanishq opened its first international boutique store in USA, New Jersey in December 2022,” Titan said.
The international presence now spans 6 stores across Dubai, Abu Dhabi and USA. The new store expansion (net) for the quarter consisted of 8 stores in Tanishq and 14 in Mia by Tanishq.
Watches and Wearables division grew by 14 per cent.
“Division’s 14 per cent growth YoY was led by strong traction in the wearables space. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to the same period last year. The analog watches segment too saw multiple product launches like Edge Squircle,” said the company.
“Titan Quartet and new range of mechanical watches for men and Raga Delight watches. Targeted campaigns and activations and the desire to own more premium / differentiated watches helped in good consumer demand for key brands in the portfolio,” it added
Since the middle of FY22, the Division has been on a retail store transformation journey across Titan World and Helios locations. In accordance with the changes, 81 stores have been renovated in YTD FY23, providing customers with a premium experience. For the quarter, store expansions in India (net) included 24 new Titan World stores, 17 Helios stores, and 7 Fastrack stores, according to the company.
The sales in the EyeCare sector from Titan Eye+ stores and Trade & Distribution channel saw in-line growth with the overall Division. EyeCare expanded its nation-wide presence adding 36 new stores in Titan Eye+ (net) for the quarter, the firm stated.
In fashion accessories, the company’s subsidiary in Fragrances and Fashion Accessories (F&FA), Indian Dress Wear, Taneira, rose by 39 per cent.
“F&FA grew 39 per cent YoY driven by 50 per cent growth in Fragrances and 21 per cent growth in Fashion Accessories. Amongst key offline channels for F&FA, Trade and Large Format Stores (LFS) grew the fastest, both clocking much higher growths than the overall Division. Division launched the ‘IRTH’ brand of women handbags during the quarter,” it said.
“Taneira’s sales grew by ~150 per cent YoY driven by new store openings and healthy double-digit growth from existing stores,” it added.
The company’s growth came on the back of strong customer response during the holiday season. During the quarter, the brand opened 5 new stores, bringing the total store count to 36 across 17 cities in India.
Titan’s other key subsidiaries Titan Engineering & Automation Limited (Wholly-owned subsidiary) and CaratLane Business grew 58 per cent YoY and 50 per cent respectively.
“Titan Engineering & Automation Business grew 58 per cent YoY with Automation Solutions Division growing by 50 per cent YoY and Manufacturing Services Division (earlier called Aerospace and Defense) clocking 64 per cent growth YoY,” it said.
“CaratLane Business grew 50 per cent YoY driven by gifting campaigns around the festive season from the beginning of Navratri and continuing right till Bhai Dooj to capture consumer buying intent for the period. Studded growth was moderately higher than the overall growth and mix marginally higher than last year contributing to 75 per cent of the total business,” it added