Titan Co, which had seen a sharp fall in its revenue and profit in the aftermath of the COVID-19 lock-down, today reported a 15% increase in festival sales of jewelry items.
This continues a theme of recovery seen in the last few months.
For example, during the three months from July-September, the company had managed to bring its jewelry sales back up to level with its sales in the same period of last year.
A 15% improvement during the festival period indicates that the momentum continues.
However, it should be noted that a 15% increase in revenue may not mean an improvement in the volume of jewelry sold, as the price of gold has increased by about 30% so far this year.
Most of the demand during the July-September period was for plain gold jewelry, which do not lose their value when resold.
“Titan Company saw good traction across all its businesses in the festive season,” the company said.
“The jewelry business witnessed a mid-teens growth (around 15%) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded Jewellery sales.
“The Watches and Wearables business also did quite well in the festive season with recovery close to last year levels. Eyewer business has also witnessed good traction.”
The latest update comes within three weeks of the company reporting its second-quarter numbers. Commenting on the July-Sept performance, the company had said:
“Customer walk-ins have started improving even as social distancing norms remain. While the customer sentiment improved substantially in the quarter, there was greater willingness to spend on plain gold jewelry and gold coins rather than pure discretionary items, explaining the reason why the recovery rates in Watches and eyewear and even studded jewelry within the Jewelry division were lower.”