WFY Today

Here Is the International Expansion Boosts Sales at India’s Titan

Last week, the company, which owns the brands Tanishq, Mia, and online retailer CaratLane, reported that sales increased 22% year on year—excluding subsidiaries—for the three months ending December 31. Jewelry revenue increased by 23%, while watches and wearables grew by 21%.

The quarter is one of the most important for the Indian jewelry market because it includes the Diwali holiday, which took place on November 12 last year. It also marks the beginning of the wedding season, when gold products are popularly purchased. Despite higher gold prices, plain gold and gold coin sales grew faster than studded sales from October to December, according to Titan.

“Tanishq expanded its international presence, adding two more stores in the US, in Houston and Dallas, and one store in Singapore,” according to the company. “Mia opened its first store in Dubai, expanding the jewelry company’s international footprint to 14 stores. Geographic expansion and strong consumer demand in international markets drove approximately 102% year-on-year growth.

CaratLane, acquired by Titan for $557 million in August, saw a 23% year-on-year increase in sales due to new collections, wedding gifting, and a first-ever campaign for mangalsutra, or wedding jewelry.

During the three-month period, Titan added 90 new stores to its roster. The company will most likely release full-quarter results, including sales value, in early February.

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