Sales at India’s Titan Company slowed in the first fiscal quarter due to a rise in gold prices, impacting consumer demand. Revenue from the jewelry segment, which includes brands like Tanishq, Mia, and CaratLane, increased by 9% year-on-year for the quarter ending June 30. Titan reported that gold prices rose approximately 20% during this period, compared to a 21% increase in the same quarter last year.
The company attributed the slower growth to fewer auspicious wedding dates compared to the previous year, which traditionally drive gold jewelry purchases in India. While demand for plain gold jewelry grew modestly, there was a slight decline in interest for gemstone-studded jewelry, including diamonds.
Despite these challenges, Titan’s sales were bolstered by the inclusion of the Akshaya Tritiya holiday week, a popular time for weddings, and an overall higher average selling price. Revenue from the watches and wearables segment also showed a strong performance, increasing by 15% year-on-year in the first quarter.
In addition to jewelry and watches, Titan generates revenue from eyewear and other businesses such as fragrances and fashion accessories.
