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Tata group firm Titan Company saw its consumer businesses grow by 20 per cent year-on-year in the first quarter of this fiscal, according to a regulatory filing by the company. Domestic jewellery operations grew by 18 per cent in the first quarter, despite the period being marked by gold price volatility affecting consumer sentiments, Titan Company said. “While the Akshaya Tritiya period saw good traction, the increase in gold prices from May till mid-June saw some softening in customer purchases,” it added.
The segment had a net store addition of 19 in India during the quarter, out of which three were in Tanishq, seven in Mia and nine in CaratLane, respectively. The watches segment in the domestic market clocked a 23 per cent rise year-on-year. Sonata brand, with refreshed offerings, led the growth, followed by Titan and supported by Fastrack and international brands, the company said. The division added nine stores in all — four for Titan World and five for Helios — during the quarter.
Domestic eyecare business saw 12 per cent growth compared to the first quarter last fiscal across retail and e-commerce channels. ‘Titan Eye+’ opened 12 new stores while closing 32 stores, resulting in a net 20 domestic store closures for the quarter, the company said. On the emerging businesses, Titan said that in the domestic market, fragrances grew 56 per cent, women’s bags 61 per cent and Taneiria (women’s ethnic wear) 15 per cent, driven by value growth in sarees. The international business grew 49 per cent, led by a near doubling of Tanishq’s business in the US market, it added.
Source: PTI
