Titan sees majority of brands cross or come close to pre-pandemic sales in Q2
Tata Group business Titan has seen strong signs of recovery in the recent second quarter of the 2022 financial year, as most of its stores are fully operational again, the business announced on October 6.
Titan has seen the majority of its brands either surpass or come close to their pre-pandemic quarterly sales totals in the recent fiscal quarter, ET Bureau reported. The business’ jewellery segment, which represents the majority of its total turnover, grew by 78% year-on-year in the July to September quarter. The business’ watches and wearables segment saw 73% growth year-on-year during the same time period.
“The company witnessed strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions,” said the business in a statement, the Press Trust of India reported.
The quarter saw Titan both continue to expand its brick-and-mortar retail network and focus on online sales. The business is also running a ‘digital gold’ pilot scheme and has seen a good initial response, it said.
“The demand postponement triggered by the second wave of the pandemic in avenues like gift purchases, occasions, milestone buying, weddings, investments in gold etc. witnessed a strong comeback in Q2,” said Titan. “Both plain and studded segments grew in double digits, however, much stronger growth in the plain segment led to studded mix being below pre-pandemic levels."
Copyright © 2021 FashionNetwork.com All rights reserved.