Titan Co., the Indian jewellery retail behemoth from the House of Tata, reported strong festive jewellery demand during Q3 of FY 2021-22. Buoyancy in jewellery demand driven by festive purchases in October and November 2021 helped the jewellery division achieve significant revenue uplift for the quarter, the company said in a quarterly update. Jewellery sales in the third quarter grew 37% year-over-year, it noted.
“Both walk-ins and customer conversions were significantly higher compared to last year. New buyer growth was higher than total buyer growth driven partly by Tanishq’s regionalisation strategy of winning in focus markets. While ticket sizes were stable, they were ~15% higher than pre-pandemic levels. The contribution from Tier-1 towns continued to improve and were close to pre-pandemic levels. Both plain and studded categories witnessed strong double-digit growth,” the company said.
The studded jewellery share in the overall pie has slightly improved compared to same period last year. Gold Harvest Scheme (GHS) enrolments too recorded high double-digit growth rates driven by strong buyer uptick.
Tanishq’s network expansion of 14 stores (net) includes 2 new stores in Dubai at prime locations of Dubai mall and Al Barsha.
Tanishq’s Diwali collections Utsaah and Colour me Joy have been well received, it added. Mia launched lnina and the Sway with Mia collections, while Zoya launched its Libera collection during the quarter.
Titan’s majority-owned CaratLane subsidiary achieved strong sales growth during the festive period. Studded share as part of the overall pie witnessed strong gains and growth was well distributed with strong momentum witnessed even across lower ticket sizes. In December, CaratLane opened its first ever airport store at Bengaluru and also went live with CaratLane’s US website.