Kalyan Jewellers, a key rival of Titan, did better going by its business update for Q1FY25. Analysts also pointed out that there will be increased competition in the space with the advent of Aditya Birla Group.
Titan reported sales growth of about 9 per cent Y-o-Yin Q1FY25. It added 61 stores during the quarter and its total retail presence (including CaratLane) stood at 3,096 stores at the end of Q1FY25. The domestic jewellery division grew 8 per cent Y-o-Y (exbullion) in Q1FY25 versus 19 per cent each in Q4FY24 and Q1FY24, with an increase in average selling prices. Buyer growth was in the low-singledigit. During Akshaya Tritiya, Tanishq's secondary sales saw double-digit growth Y-o-Y. Plain gold clocked high single-digit growth, while growth in studded jewellery was lower. Gold prices rose 20 per cent Y-oY, which hurt demand.
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Bu hikaye Business Standard dergisinin July 09, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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