Titan sees jewellery revenue dip 4% in Q4
Titan had received a large business-to-business order in the fourth quarter of the 2021 financial year which meant that this year’s revenue was being compared to a high base, the Gem and Jewellery Export Promotion Council reported on its website.
“Business saw subdued activity in top cities due to the omicron wave in January 2022, a very strong resurgence in February 2022 and again a drop in customer purchases in March 2022 on the back of sharp rise in gold prices and sentiment impact due to the external geopolitical conflict,” said Titan in a statement, the GJEPC reported.
“While walk-ins saw minor decline, the customer conversions and ticket sizes grew marginally for the quarter compared to the same period last year.”
Titan continued to expand during the quarter and opened eight new Mia stores, seven Tanishq stores, and one Zoya showroom. The business’ Tanishq jewellery instalment purchase plan Golden Harvest saw enrolments grow in double digits during the quarter.
“Sales from top eight cities grew in single digits while the rest of India saw a small decline,” said Titan. “Though the plain jewellery category bore the brunt of gold volatility in March 2022 leading to a slight decline for the quarter, studded sales clocked in a high single-digit growth, thereby partially cushioning the impact.”
Titan also invested $20 million cash in U.S.-based lab-grown diamond business Great Heights during the quarter for a 17.5% stake. The investment will enable Titan to greater understand lab-grown diamonds, a fast growing product category.
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