Published
Jul 16, 2020
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Titan expects sales to take a hit for FY 2020-21, sees rise in jewellery segment

Published
Jul 16, 2020

Watch and jewellery maker Titan Company is expecting its businesses to take a substantial hit during the current financial year due to Covid-19 related disruptions.
 

Titan expects sales to take a hit for FY 2020-21, sees rise in jewellery segment - Tanishq - Facebook


With Covid-19 cases rising in the country, the company expects poor sales due to tight regulations on operations of stores in the coming months.
 
However, Titan expects its gold jewellery sales to increase with customers in India turning to the yellow metal for savings in these times of uncertainty.

“Since most of its products are in the discretionary and in the 'touch-and-feel' category, sales are likely to be under additional pressure during this period of uncertainty. We are accelerating our omni-channel marketing strategy with a renewed focus on e-commerce as customers look to increasingly shopping online,” Titan’s managing director, C K Venkataraman, said in its annual report.
 
“Following the outbreak of the pandemic, the perception of gold as an asset class has improved considerably. Large scale weddings and international holiday travels are expected to reduce, freeing up funds for jewellery purchase. Titan is staying prepared to seize this expected demand,” he added.
 
Titan had reported a profit of Rs 1,518 crore ($202.1 million) for the financial year 2019-20 with revenue of Rs 20,010 crore.

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