Titan reports 15% surge in jewellery business during festive season

Titan’s jewellery segment’s income dropped by 2.3 percent year-on-year in the September quarter

One of the leading jewellery retailer, Titan Company Ltd recorded a high purchase rate throughout its businesses during India’s festive season with solely its jewellery business reporting a 15 percent growth during the period.

“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,” the company stated in a business update on Thursday.

Titan’s jewellery segment’s income dropped by 2.3 percent year-on-year in the September quarter but saw an improvement from the first quarter’s jewellery revenues since the sales had dropped by 70.8 percent during the June quarter.

India’s festive season is significant for jewellery retailers, as sales record a noticeable boost during Diwali and Dhanteras. The festive season precedes the onset of the wedding season in India that further boosts jewellery purchases.

Indian consumer’s demand to buy jewellery dropped significantly this year as COVID-19 caused severe disruptions and higher gold prices. Reports suggest that fewer customers returned to stores during Dhanteras which indicated poor business for jewellers during this year’s October-December quarter.

In an update, Titan reported about its watches and wearables business performing well. “The Watches and Wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear business has also witnessed good traction,” the company said. Revenue from watches and wearables had dropped by 44 percent in the September quarter but the business reported significant recovery from the June quarter.