Titan Co. Ltd, India’s leading jewellery retailer with a 7% market share, reported a 19% rise in total jewellery revenues to ₹8,575 crores ($1.03 billion) in Q2 FY24 ended 30 September 2023 on the back of strong demand for high-value items. Year-to-date (H1), the jewellery division’s revenue grew 19.2% to ₹17645 crores ($2.12 billion) and its EBIT grew 3.5% to ₹2205 crores, with a margin of 12.5%.
The jewellery business witnessed healthy double-digit growth in both shoppers and average spend per shopper during the period, Titan said.
Within India, the jewellery business grew by 21% to ₹8,438 crores during the same period led by ‘Festival of Diamonds’ (studded activation), Tales of Mystique collection, Rivaah X Tarun Tahiliani collection and well supported by regional campaigns, the company said.
Revenue from exports declined by 33% YoY due to lower inventory transfers to overseas subsidiaries, it said.
Earnings before interest and tax (EBIT) stood at ₹1,206 crore, giving an EBIT margin of 14.1% for Q2 FY24 (15.3% in Q2 FY23), helped by the better studded portion of the portfolio.
Tanishq expanded its presence in the GCC and entered Qatar with two new stores in Doha. Tanishq’s international presence now stands at 10 stores, including the one store in New Jersey, USA.
Zoya entered the state of Gujarat during the quarter with the opening of its first store at the Palladium Mall in Ahmedabad. With this expansion, the niche luxury jewellery brand now has eight stores in the cities of Mumbai, New Delhi, Bengaluru, Gurgaon, Hyderabad and Ahmedabad.
During the quarter, Tanishq opened 10 new stores in India and Mia added 26 new stores, expanding its presence to 59 cities in India.
Caratlane’s total sales grew by 45% to ₹50 crore compared to Q2 FY23. ‘Switch’, Caratlane’s first convertible jewellery collection, was launched, targeting customers with a love for versatile designs that match their dynamic styling. The brand launched a ‘Request-In-Store’ feature during the quarter, aimed at deepening the omni-channel customer experience. EBIT for Q2 FY24 stood at ₹26 crore with a margin of 4%.
C.K. Venkataraman, managing director, Titan Co, said: “All our consumer businesses delivered healthy growth during the quarter. The jewellery business continued to shine with consumer sales growing by nearly 27% over last year. Store expansions in key markets are progressing well. We remain focused on growing market share by offering our consumers differentiated products that touch their daily lives in meaningful ways. The festive season in Q3 has started well and we are optimistic about our performance for the remainder of the financial year.
