Titan pleased with May, June recovery, attributes sales to wedding jewellery demand
Watch and jewellery business Titan has seen sales begin to bounce back in May and June driven by increased demand for wedding jewellery and gold coins as an investment but watch sales remain low.
Titan’s revenue in India for May and June was at around 70% compared to sales in the corresponding months in 2019, the business reported to the Bombay Stock Exchange, TNN reported. “Average ticket prices have also gone up led by higher wedding jewellery and higher gold prices,” Titan said in its filing on the Bombay Stock Exchange, accessed by TNN.
Although wedding jewellery and gold coin sales have begun to recover, Titan’s watch sales remain low at just over 20% of revenue during May and June 2019, according to the business.
The business saw the majority of its retail recovery come from e-commerce sales and retail channels. Titan saw its lowest sales volume in large-format stores. The business had opened 83% of its brick-and-mortar stores by the end of last month.
Titan’s production remains low due to inventory levels being high following lockdown. The business plans to gradually increase production as sales increase again. Titan has also postponed a number of launches to wait until the market brings to stabilise and consumer sentiment improves.
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