Titan clocks 36% growth in Q3FY22; sees strong demand across businesses

Titan Company Ltd on Thursday said it has witnessed strong demand across its consumer businesses and clocked 36 per cent growth for the quarter ending December (Q3FY22) over the festive quarter last year.

Segment-wise, it saw a Buoyancy in jewellery demand driven by festive purchases in October and November helped the division achieve significant Revenue uplift for the quarter.

The jewellery segment grew 37 per cent over the same period of the last year. It added 14 new stores including two new stores in Dubai at prime locations of Dubai mall and Al Barsha, taking its store count to 428.

Both walk-ins and customer conversions were significantly higher compared to last year. New buyer growth was higher than total buyer growth driven partly by Tanishq's regionalization strategy of winning in focus markets.

While ticket sizes were stable, they were 15 per cent higher than pre-pandemic levels. The contribution from Tier-1 towns continued to improve and was close to pre-pandemic levels. Both plain and studded categories witnessed strong double-digit growth. Studded share in the overall pie has slightly improved compared to the same period last year. GHS enrolments have recorded high double-digit growth rates driven by strong buyer uptick.

The watches and wearables division saw strong growth momentum with multi-brand channels, both online and offline, growing handsomely in the quarter, mainly on the back of the Titan brand. The segment grew by 28 per cent and it added 20 new stores in the quarter taking the number to 809 stores. It says, premiumization journey is helping to gain higher value. Sales from Trade and large format stores (LFS) in particular clocked higher growth followed by Retail. Tier 2 and Tier 3 towns did better than metros.

The EyeWear division saw a strong growth, which was driven by Sunglasses and Frames with a good demand uptick also seen in international brands. The segment grew by 27 per cent and it added 53 new stores in the segment taking the number to 682 stores. The division accelerated its growth journey with significant network expansion during the quarter.

Other businesses segment grew by 44 per cent in Q3FY22 and Titan has added two new stores in the segment in this quarter taking the number to 16 stores.