Titan strikes gold this festival season with strong jewellery sales growth  

Titan Company Ltd’s domestic sales grew 18% YoY in the September quarter, while its domestic jewellery sales grew 19% YoY during the same period. The 18% growth is slower than the 25% it registered during the same period last year, as soaring gold prices stunted demand for higher carat jewellery.

Spot gold prices rose 16.4% in the quarter as investors fled to the safe-haven commodity amid global economic volatility. The jewellery business contributes close to 90% of overall revenue.

Studded jewellery in Titan’s Tanishq, Mia and Zoya portfolio collectively grew in the mid-teens, outpacing growth in plain gold jewellery, the company said. Surging gold prices drove substantial ticket size increases offsetting marginal YoY declines in buyer counts. The impact of Q2FY25’s high base (due to custom duty reduction) was offset by early onset of festive season in September this year, compared to October in FY25. Further, these growths were also fueled by significant investments in consumer promotions including a powerful exchange offer and marketing initiatives, to stimulate demand amidst elevated gold prices. Studded jewellery in Tanishq, Mia, Zoya portfolio collectively grew in mid-teens outpacing gold (plain) jewellery growth, while gold coins continued their strong run for the quarter reflecting investment sentiment in this sub-category. The like-for-like growths for Tanishq and CaratLane were in double digits,” said the Tata group firm in a stock exchange filing.