A total of 75 stores (net) were added during the quarter expanding Titan’s combined retail network presence to 3,171 stores.
Jewellery domestic operations grew 25% YoY in Q2 after a relatively soft Q1.
Consumer demand significantly picked up momentum after the reduction in custom duty on gold imports from 15% to 6% leading to a strong double-digit uptick in gold (plain) for the quarter, the company said.
The non-solitaire studded segment recorded growth in high double-digits whereas the solitaire segment saw a decline amidst price uncertainty and demand supply dynamics in the international markets, both together resulting in overall studded sales growth in low double-digits for the quarter.
The launch of new collections, promotions and various marketing campaigns spurred buyer growth at 11% YoY. The like-to-like (secondary) sales growths for the domestic operations came in mid-teens.Of the 23 new store additions (net) in India, 11 stores were in Tanishq, 11 in Mia and 1 in Zoya respectively.The watches and wearables domestic business grew 19% YoY. Revenue growth in Analog was around 25% YoY well supported by both volume and value growths.
“Premiumization theme continued to be a major driver across brands. Wearables witnessed a revenue decline in low double-digits in a category that is continuing to see significant decline,” Titan said in a filing.
The EyeCare’s domestic business rose 6% YoY with the secondary sales growths were nearly similar and buyer growths rising marginally higher YoY. Titan Eye+ added 2 new stores (net) in India during the quarter.
In emerging businesses, Taneira’s Revenue grew 11% YoY. The brand opened 4 new stores during the quarter, two of them in the new cities of Indore and Prayagraj.
The Fragrances and Fashion Accessories revenue jumped 17% YoY. Within businesses, Fragrances grew by 19% YoY and Fashion Accessories rose 11% YoY.
On Friday, Titan shares closed 0.46% higher at Rs 3,692 on NSE.
