In Q2FY24, Titan Company’s revenue increased by 20% year on year. During this time, the business opened 81 stores, bringing its overall retail footprint to 2,859 locations. The c.19% YoY revenue growth in the Jewellery Division was driven by c.20% growth in the Domestic Business and decreased primary outgo from India to International entities (due to periodic inventory realignment).
Building on the excellent Q1 momentum, domestic consumer sales (secondary) increased significantly year on year, led by double-digit increases in buyers and ticket sizes. Key factors driving growth in the quarter included studded activations, new collection releases, robust Golden Harvest sales, a healthy wedding season, and high-value studded purchases.
The Division’s ongoing investments in exchange programs and consumer offers also contributed to this momentum. Tanishq increased its GCC reach by entering Qatar and opening two new Doha stores. Ten Tanishq stores, 26 Mia by Tanishq stores, and one Zoya store were among the 37 new store (net) additions in India during this quarter.