Strong Festive Cheers Boost Titan Co's Q3 Performance

NEW DELHI: Titan Company Ltd, a key player in the Tata Group, has announced a remarkable 24% annual growth for the third quarter of the current fiscal year, on January 6. This growth was significantly driven by the festive season's demand, especially in the jewellery sector.

Jewellery Sector Shines

The company's domestic jewellery segment saw a 25% year-over-year increase, thanks to heightened consumer activity during Diwali. This led to a high single-digit growth in buyers and a double-digit growth in ticket size. Plain gold experienced a notable 24% annual growth, benefiting from rising gold prices and increased festive and wedding purchases. Gold coin sales surged by 48% YoY, indicating gold's popularity as both an investment and a traditional purchase during 'Dhanteras'. The studded jewellery segment also grew by 21% YoY, marking its highest-ever quarterly performance for FY25.

Watches and Wearables Segment

In the watches and wearables category, Titan reported a 13% YoY growth. Analog watches led the charge with a 19% growth, driven by festive demand and a trend towards premiumisation. However, the wearables category faced a 20% decline, reflecting broader market trends and reduced spending in the entry- and mid-segment price points.

EyeCare and Emerging Businesses

Titan’s EyeCare division recorded a 17% YoY growth, with strong contributions from both retail and e-commerce. The emerging businesses showed varied results, with fragrances growing by 27%, fashion accessories seeing a 20% decline, and Taneira remaining flat YoY. Caratlane, however, reported a strong 25% YoY growth, driven by a 26% increase in its studded portfolio.

Expanding Global Presence

Titan’s total retail network, including CaratLane and international outlets, grew by a net 69 stores during the quarter, bringing the overall store count to 3,240. Caratlane opened its first international store in New Jersey, USA, and expanded its domestic presence with 19 new stores, bringing the total to 305 in India. Tanishq, the company’s jewellery chain, expanded internationally with new stores in Seattle, US, and Gold Souk, Dubai. Domestically, Titan added 24 new stores, including 11 in Tanishq and 13 in Mia. Taneira also added 1 store in the city of Salem during the quarter.