New Delhi, Jun 27 (PTI) Raising concerns over the elevated gold prices, country鈥檚 leading branded jewellery maker Titan said it 鈥渃ould see shifts in demand segments鈥, though it will continue to prioritise topline growth driven by market share gains.
鈥淕old prices are expected to remain high, given the geopolitical and macroeconomic uncertainties globally,鈥 said the latest annual report of Titan, which operates in the market with brands such as Tanishq, Mia by Tanishq, CaratLane and Zoya.
鈥淭he Financial Year 2024-25 witnessed continued jumps in gold prices (25 per cent YoY) every quarter, a customs duty drop of 9 per cent, Lok Sabha and state elections, continuing softness in solitaire diamond prices due to international demand weakness, and increased competitive intensity driven by the growing formalisation of the industry,鈥 said Titan.
These forces kept the market and consumer sentiment volatile, and at the same time attractive, particularly for the gold jewellery and coin categories.
鈥渧olatility in consumer demand has become a way of life, the demand outlook for the jewellery category in India continues to be robust with the favourable demographics, GDP outlook and precious jewellery as a store of value with a deep cultural connect to festivals and weddings,鈥 it said.
Titan, a JV between Tata group and the Tamil Nadu government, had crossed the consolidated turnover of Rs 50,000 crore in FY25. Its revenue from operations was at Rs 57,339 crore, in which its jewellery division contributed Rs 46,571 crore, which is over 81 per cent.
鈥淭he division will continue to prioritise topline growth driven by market share gain with sustained investments in retail expansion, product assortment in stores, new collections, manufacturing excellence and visible marketing,鈥 it said.
In FY25, despite high gold prices and other factors, its jewellery division clocked in another year of healthy 20 per cent growth and a same-store growth of 14 per cent over the last fiscal.
鈥淪tudded sale growth was relatively muted at 12 per cent, largely on account of a decline in high value solitaires, but it continued to see decent buyer and value growth in non-solitaire studded segment,鈥 it said.
Its jewellery division has tied up with international diamond supplier De Beers to jointly educate customers, co-promote Tanishq Diamonds and increase penetration of diamonds in India, which remains a highly underpenetrated market.
Its Mia by Tanishq, a sub-brand of Tanishq, crossed Rs 1,000 crore mark and CaratLane grew in topline by 30 per cent.
Besides jewellery, Titan is present in watches, eyecare, the Indian dress wear business Taneira, and fragrances, among others. PTI KRH HVA