09 January 2023, Mumbai
Titan saw 12 per cent growth in combined sales in the standalone business during the quarter ended December 2022.
This was backed by healthy consumer demand during the festive season. The positive consumer sentiment helped all categories clock healthy double-digit growth, despite a high base in the same period of last year. The retail presence stands at 2,362 stores at the end of the quarter.
In the mainstay jewellery segment, sales grew 11 per cent and watches and wearables increased 14 per cent. In the eyecare business, the revenue rose ten percent. Sales from the studded category moderately outpaced gold jewellery segment growth compared to the same period last year.Wedding sales grew in line with the division’s overall sales.
In the quarter, the company added eight new stores in Tanishq and 14 in Mia by Tanishq. Strong traction in the wearables space drove the double-digit growth in the segment. 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.
During the quarter, Titan added 24 stores of Titan World--- 17 of Helios and seven of Fastrack.
