Jewellery brand Titan reports 9% revenue growth in Q1, adds 61 stores
Leading jewellery and watchmaker Titan on Friday said it clocked a standalone revenue growth of 9 per cent in the first quarter ended June 30, 2024.
The Tata Group-managed firm added 61 stores during April-June FY25, taking its combined retail network presence to 3,096 stores.
Its jewellery division, which contributes over three-fourths of its revenue, reported 9 per cent growth in the domestic market and added 34 stores.
"The auspicious week of Akshaya Tritiya witnessed double-digit growths (in Tanishq secondary sales) compared to the same period last year. However, high gold prices and their continued firmness had an impact on consumer demand," it said.
Moreover, the quarter has lower wedding days and overall sentiments were "relatively muted" in comparison to Q1/FY24.
"Domestic growth came largely through an increase in average selling prices whereas buyer growth was in low single digit. Gold (plain) grew in high single digit while studded growth was moderately lower in ...