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Published
Jan 3, 2017
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Titan’s jewellery business beats demonetisation blues, watches take a hit

Published
Jan 3, 2017

Titan Company said jewellery sales have recovered to pre-demonetisation levelsl but multi brand outlets continue to suffer, due to the cash crunch in some parts of the country.


Tanishq



The company said that after a brief lull, jewellery sales have picked up on the back of a "strong wedding season and closure of a number of smaller jewellers across the country".

"Post the announcement of demonetisation on November 8, 2016, all consumer facing businesses of the company witnessed a drastic slow down for a few days after which recovery was clearly visible in modern retail and dedicated retail channels," the company said, in a regulatory filing quoted a media agency.

"While the sale in these channels has recovered to pre-demonetisation levels, the sale in the trade channel in watches (the multi brand outlets) has taken a hit and is yet to recover as most transactions in these outlets have been on cash basis," it added.

Post November 8, there was a brief period of lull post which Tanishq's average daily sales were close to the average daily sales pre-demonetisation, it said.

"This trend was visible till the end of December and is possibly due to a strong wedding season and closure of a number of smaller jewellers across the country," the company said.

On the revenue front, Titan said this quarter the jewellery division has grown reasonably "despite the base effect due to the studded jewellery activation having started in the third quarter last financial year and the impact of demonetisation."

The retail growth for Tanishq in the third quarter was around 15 per cent.

"Post demonetisation, while the sale of the WOT (World of Titan) and Fastrack channels have recovered after a brief period of lull, ending with a high single digit retail growth for the quarter, the trade channel is expected to take another 2-3 more months to recover," the company said.

The trade channel contributes to around 50 per cent of the sales of the watch division.

In the corresponding October-December quarter last fiscal, Titan Company had reported net sales of Rs 3,398.38 crore.
 

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