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Festive season spurs growth for Titan in Q3

The jewellery business announced a 15 % growth

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NEW DELHI: The third quarter of FY21 pushed lifestyle giant Titan on an impressive growth journey after a stunted performance for almost six months in the wake of the Covid2019 crisis. The festive season, headlined by the Hindu festivals of Dussehra and Diwali, prompted the jewellery division to cross the threshold of recovery into the growth phase. Two other divisions, namely watches & wearables and eyewear also moved closer to full recovery. 

The jewellery business announced a 15 per cent growth in the 30-day festive period and a similar growth overall in Q3, excluding the sale of raw gold of around Rs 334 crore. The quarter also witnessed a well-rounded recovery with improvement in walk-ins and pick of sales in metros. CaratLane delivered growth of around 39 per cent. 

Watches and wearables recorded a recovery rate of 88 per cent in Q3. The recovery was led by e-commerce channels, showcasing an absolute growth of over 30 per cent. The company scaled its omnichannel capability by up to 80 per cent. 

Eyewear section had a recovery of around 92 per cent compared to the same quarter last year. Other businesses had a revenue recovery of around 80 per cent. 

New ventures

Titan also launched a slew of initiatives through the year that were positively received by consumers. In the high-value studded jewellery section, ‘Moods of the Earth’ collection was launched for fashion-forward women. Zoya customer experience zones were opened as shop-in-shop in four Tanishq stores. In the plain jewellery section, the division added 24 Tanishq stores on a net basis. 

Titan launched the latest line of smartwatches TRAQ, and two premium collections for the festive season – Titan Grandmaster and Raga Moments of Joy. Fastrack also launched four major collections in the period. 

For the eyewear section, eco-lite stores were introduced, which require lower investment and improve the profitability of the franchisee. A made-in-India IndiFit collection called Titan Crest was also launched. 

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