Titan expects its jewellery business Tanishq to recover slowly this year

By

Isabelle Crossley

Published
Jun 23, 2021

Titan expects its jewellery business, sold through its brand Tanishq, to slowly pick up in the second half of the year, fuelled by festive demand, as the business gradually reopens its brick-and-mortar outlets.  

“From what we gather looking into other fast moving consumer goods and white good companies, not specifically jewellery, the recovery this time will not be a V-shaped one,” Titan’s jewellery division CEO Ajoy Chawla, TNN reported.

The business is hopeful that the upcoming autumn festive season and a return to weddings and celebrations will boost sales after stores remained closed in the first quarter of the 2022 financial year. 

However, Titan does not expect the rapid recovery it saw after last year’s two-month lockdown, which was caused by pent-up demand as the second wave caused more loss of life and penetrated rural areas more deeply. The business has pushed back a number of product launches which were initially intended for the festival of Akshay Tritiya to July due to recent lockdowns. 
 
As of June 22, the business has reopened 272 out of its total of 350 brick-and-mortar stores and will continue to reopen in locations where lockdown regulations allow.

“We have seen some green shoots in Gujarat, Punjab and Haryana, Mumbai has been wobbly, Madhya Pradesh has been tepid while Tamil Nadu is still shut,” said Chawla.