New Delhi: Leading jewelery and watch maker Titan on Friday said it recorded standalone revenue growth of 9 per cent in the first quarter ended June 30, 2024.
The Tata Group-managed firm added 61 stores during April-June FY25, taking its combined retail network presence to 3,096 stores.
Its jewelry division, which contributes more than three-quarters of its revenue, posted 9 percent growth in the domestic market and added 34 stores.
"The auspicious week of Akshaya Tritiya witnessed double-digit growths (in Tanishq's secondary sales) compared to the same period last year. However, high gold prices and its continued firmness had an impact on demand of consumers," he said.
Additionally, the quarter has fewer wedding days and overall sentiments were "relatively muted" compared to the first quarter of FY24.
"Domestic growth occurred largely through an increase in average selling prices, while buyer growth was in the low single digits. Gold (single) grew in the high single digits while growth with tacks was moderately lower in comparison," he said.
The domestic business of the Watches and Wearables Division (W&W) grew 14 percent year-on-year.
The company reported a healthy revenue growth of 17 percent in the analog watch segment. However, its wearable devices, which consist of smartwatches, saw a 6 percent drop year-on-year.
"Customer preferences towards premium products were clearly visible with higher growths seen in Titan, Helios channel and Nebula, Edge and Xylys," he said, adding that the division added 17 new stores in the June quarter.
Domestic revenue for the EyeCare division, which ventured into affordable fashion, grew 3 percent in the quarter.
Titan Eye+ added 3 new stores in India during the quarter.
Its Indian fashion business, Taneira, grew 4 percent. The brand opened 4 new stores during the quarter.
Similarly, its revenue from 'Fragrances and Fashion Accessories' increased by 4 percent.
"Within the businesses, fragrances grew 13 per cent year-on-year and fashion accessories saw a decline of 15 per cent year-on-year," according to an update from Titan, a joint venture between Tata Group and the Tamil Nadu government.
The Tata Group-managed firm added 61 stores during April-June FY25, taking its combined retail network presence to 3,096 stores.
Its jewelry division, which contributes more than three-quarters of its revenue, posted 9 percent growth in the domestic market and added 34 stores.
"The auspicious week of Akshaya Tritiya witnessed double-digit growths (in Tanishq's secondary sales) compared to the same period last year. However, high gold prices and its continued firmness had an impact on demand of consumers," he said.
Additionally, the quarter has fewer wedding days and overall sentiments were "relatively muted" compared to the first quarter of FY24.
"Domestic growth occurred largely through an increase in average selling prices, while buyer growth was in the low single digits. Gold (single) grew in the high single digits while growth with tacks was moderately lower in comparison," he said.
The domestic business of the Watches and Wearables Division (W&W) grew 14 percent year-on-year.
The company reported a healthy revenue growth of 17 percent in the analog watch segment. However, its wearable devices, which consist of smartwatches, saw a 6 percent drop year-on-year.
"Customer preferences towards premium products were clearly visible with higher growths seen in Titan, Helios channel and Nebula, Edge and Xylys," he said, adding that the division added 17 new stores in the June quarter.
Domestic revenue for the EyeCare division, which ventured into affordable fashion, grew 3 percent in the quarter.
Titan Eye+ added 3 new stores in India during the quarter.
Its Indian fashion business, Taneira, grew 4 percent. The brand opened 4 new stores during the quarter.
Similarly, its revenue from 'Fragrances and Fashion Accessories' increased by 4 percent.
"Within the businesses, fragrances grew 13 per cent year-on-year and fashion accessories saw a decline of 15 per cent year-on-year," according to an update from Titan, a joint venture between Tata Group and the Tamil Nadu government.
