Titan sees sales grow 18%, opens 105 stores in Q2
Tata Group’s Titan saw its overall sales increase by 18% year-on-year in the second quarter of the 2023 financial year. The majority of its jewellery, watches, wearables, and eye care segments experienced double digit growth during the quarter.
The jewellery division of Titan contributes 85% of its revenue and the segment grew by 18% in the second quarter of this financial year on a high base, the Press Trust of India reported. Pent-up demand from the pandemic-affected beginning of the fiscal year contributed to sales, although they remained below pre-pandemic levels during the quarter.
Watches and wearables saw 20% year-on-year growth during the quarter. The business’ fragrance and fashion accessories segment witnessed 34% year-on-year growth with 37% growth in fragrances and 29% growth in fashion accessories, according to Titan.
Titan undertook a large-scale brick-and-mortar expansion in the second quarter of the current fiscal and opened 105 stores for its various brands. Titan’s brands include Tanishq, Skinn, Zoop, and Sonata among others.
The business also has ambitious plans for the autumn/ winter festive season, which is free of any Covid-19 restrictions this year, and predicts strong sales. The winter wedding season should also be a boon to its fine jewellery brands.
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