Q3 Revenue Surges at Titan Company
January 11, 24
(IDEX Online) - India's Titan Company saw revenue from its jewelry stores rise by 23 per cent during Q3, driven by increasing consumer confidence and moderate price rises.
Earnings from CaratLane, the e-tailer now owned almost entirely by Titan, were up by 31 per cent year-on-year, according to a quarterly update which provided percentage increases but not actual revenues.
Titan, which was already a part-owner of CaratLane, bought almost all remaining shares last August in a move that valued the company at just over $2bn. It was hailed as the country's biggest D2C (direct-to-consumer) e-commerce deal.
CaratLane has since been marketed as a partnership with Tanishq, Titan's biggest jewelry brand.
Titan, based in Bengaluru and part of Tata Group, the country's largest conglomerate, said it opened 38 new jewelry stores during the quarter, bringing the total to 636.
Its watches and wearables sector saw earnings up 21 per cent, with 25 news stores, bringing its total to 1,076.