Titan sees strong year-on-year growth this festive season
Tata Group business Titan Company Limited reported strong year-on-year growth during the recent festive season, especially in its jewellery and watches and wearables segments, bringing relief after recent declines in profits.
“The jewellery business witnessed a mid-teens growth (around 15%) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales,” said the business in a statement, the Press Trust of India reported.
Titan’s watches and wearables business did especially well during the festive season with recovery close to the levels it was at during the same time last year, it said.
“Eyewear business has also witnessed good traction,” said Titan.
Following reduced sales due to lockdown measures, Titan reported a 37.81% decrease in standalone net profit totalling Rs 199 crore ($29.9 million) in the financial quarter ending on September 30 this year.
Titan is expanding its retail footprint for a number of its brands. Earlier in the month, Titan Limited expanded into the overseas market and opened a Tanishq jewellery store in Dubai’a Meena Bazaar. The business also expanded the retail footprint of womenswear brand Taneira and opened its first store in Chennai last month.
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