Titan Company announced on October 4 that it achieved approximately 25% year-on-year growth in the second quarter of FY25, according to its quarterly business update.
The Tata Group-owned company added a net total of 75 stores during the period, expanding its retail network to 3,171 stores. Domestic jewellery operations also experienced a 25% YoY growth.
“The Company (standalone) registered a growth of 25% YoY in O2FY25. A total of 75 stores (net) were added during the quarter expanding Titan's combined retail network presence to 3,171 stores,” the company said in a release on Friday.
Jewellery domestic operations saw approximately 25% year-on-year growth in Q2, following a relatively modest performance in Q1. Consumer demand surged significantly, driven by the reduction in customs duty on gold imports from 15% to 6%, resulting in a strong double-digit increase in plain gold sales for the quarter.
The domestic business for Watches & Wearables experienced approximately 19% year-over-year growth, with Analog revenue rising around 25% year-over-year, driven by increases in both volume and value. The trend of premiumization remained a significant factor across various brands. However, Wearables faced a revenue decline in the low double digits within a category that is experiencing substantial overall declines. In the quarter, the Division opened a net total of 34 new stores, including 18 in Titan World, 14 in Helios, and 2 in Fastrack.
EyeCare's domestic business experienced approximately 6% year-over-year growth. The growth in secondary sales was nearly identical, with buyer growth showing a slight increase year-over-year. During the quarter, Titan Eye+ opened a net total of two new stores in India.
In Emerging Businesses, Taneira's revenue increased by approximately 11% year-over-year. During the quarter, the brand launched four new stores, including two in the newly entered cities of Indore and Prayagraj. Revenue from Fragrances and Fashion Accessories rose by about 17% year-over-year. Specifically, Fragrances saw a growth of around 19% year-over-year, while Fashion Accessories experienced an increase of approximately 11%.
Caratlane achieved approximately 28% year-over-year growth, driven by activations and a significant increase in brand searches. The number of buyers rose by about 24% year-over-year, while like-to-like (secondary) growth was around 21% year-over-year. The studded ratio was higher compared to O2FY24. During the quarter, the business opened a net of 11 new domestic stores, increasing its network presence to 286 stores across India.
