Tata's Titan sees jewellery sales jump 107% in FY22 Q1
Tata Group’s Titan Company saw its jewellery sales increase by 107% year-on-year, excluding bullion sales, in the first quarter of the 2022 financial year which ended in June.
Titan has seen its sales for the first quarter of the financial year increase significantly year-on-year despite lockdowns during the months from April to June, the business announced in a statement, the Gem and Jewellery Export Promotion Council reported on its website.
In the first quarter of the 2021 financial year, sales were greatly affected by the fact that the business saw no sales in the month of April. May in both 2021 and 2022 saw very low sales due to lockdowns in both time periods, according to the business.
Titan’s jewellery division includes the brands Tanishq, Zoya, Mia, and CaratLane. Titan has seen a strong increase in new customers for all of these brands in the first quarter of the 2022 financial year.
As state lockdowns have mostly lifted in terms of retail, over 90% of Titan’s stores are now open. All of the business’ stores that have reopened feature vaccinated shop staff or staff with sufficient antibodies, due to recovering from Covid-19, and 96% of the business’ wider store staff, including housekeeping and security, are vaccinated.
Titan had to pause its brick-and-mortar expansion due to the second wave of the virus but has gradually begun to open new stores again. In the recent financial quarter, the business opened five new stores with a combined retail space of around 20,00- square feet. The business also launched new collections for its brands Mia and Zoya during the quarter.
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