Tata Group's jewellery and watchmaking entity, Titan, disclosed a noteworthy 22 percent year-on-year (YoY) revenue upswing for the quarter concluding on December 30, 2023. This growth was diverse, showcasing strong performance across various segments during the quarter. The company also communicated in its stock exchange filing that it successfully incorporated more than 90 new stores in the October-December span, augmenting its retail presence to 2,949 stores. Titan reported a resilient 21 percent surge in domestic sales for its Jewellery division, credited to a notable rise in the number of buyers and a slight improvement in average selling prices. Strategic investments in exchange programs and consumer offers during the festive season were executed to sustain growth momentum, with a marginal YoY improvement in the wedding segment contribution.

Significantly, the surge in gold (plain) and coins during the festive quarter surpassed the growth in studded sales, indicating heightened consumer interest in gold despite elevated prices and market volatility. International expansion saw Tanishq adding two stores in the USA (Houston and Dallas) and one store in Singapore, while Mia opened its inaugural store in Dubai, expanding the Jewellery international footprint to 14 stores. The geographical expansion, coupled with robust consumer demand at international locations, contributed to a remarkable c.102% YoY growth in primary outgo to these entities. In India, Titan added 34 new stores (net), with 18 in Tanishq and 16 in Mia. Additionally, the watches and wearables segment achieved an impressive 23 percent growth in domestic business, with an 18 percent revenue increase from analog watches and a remarkable 64 percent surge in wearables.

This growth in the analog sub-segment was propelled by robust double-digit growth in key brands like Titan, Sonata, Helios, and international brands. The company strategically added 25 new stores during the quarter, including 9 in Titan World, 11 in Helios, and 5 in Fastrack. Titan’s Caratlane also demonstrated a robust 31 percent YoY growth, expanding its retail footprint with 16 new stores across the country. Conversely, its eyecare division reported a 3 percent YoY decline in revenue.