Titan Company, has revealed a 23% surge in its jewellery segment during the third quarter of the fiscal year 2023-24 that ended 31st December 2023.
The jewellery segment reported a total income of ₹11,709 crores, marking a robust 23% uptick compared to the corresponding period in the previous fiscal year. Notably, the India-focused business experienced a commendable 21% growth.
The jewellery segment’s earnings before income and taxes (EBIT) at Rs. 1,432 crores recorded a margin of 12.2% for the quarter.
During the quarter, Titan unveiled the ‘Celeste Solitaire x Sachin Tendulkar’ collection, featuring exquisite nano-faceted solitaires, which garnered positive attention. Studded revenues grew around 14% year-on-year with some softness in demand seen in the month of December, it noted.
Moreover, the ‘Dharohar’ collection by Tanishq, paying homage to India’s rich heritage, resonated well with customers. Titan said its strategic promotional programs helped maintain growth momentum despite the challenging environment of high gold prices.
Titan’s global expansion efforts saw the inauguration of two new stores in the USA (Houston and Dallas) and one store in Singapore. Mia opened its first store in Dubai taking Titan’s international jewellery footprint to 14 stores.
During the quarter, Tanishq opened 18 new stores and Mia added 16 new stores in India.
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