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India’s Titan Enjoys Strong Diwali Sales

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JOSHUA FREEDMAN • 08-01-2023

Titan Company’s revenue grew in the past three months amid robust demand during the Indian festival season, the jewelry retailer reported.

Sales rose 12% year on year — excluding subsidiaries — for the third fiscal quarter, which ended December 31, the company said Friday. Jewelry revenues gained 11%, with watches and wearables up 14%.

The quarter is one of the most important for the Indian jewelry market, as it contains the Diwali holiday — which, in 2022, occurred on October 24 — and the beginning of the wedding season. The company noted growth in new jewelry buyers during the festival shopping period, higher-value purchases in the gem-studded category, and a positive impact from “unique new collections.” Sales of studded pieces moderately outpaced plain gold jewelry, while wedding demand increased at a similar rate to overall jewelry sales.

Meanwhile, CaratLane, an online jewelry retailer in which Titan owns a 72% stake, saw 50% growth year on year, benefiting from festival gifting campaigns. Studded-jewelry sales slightly outperformed other categories.

The group will likely release full results for the quarter — including sales value — in early February.

Image: Inside a Tanishq store. (Titan Company)

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