The firm also launched 75 new outlets during the quarter, taking its total retail network to 3,171 stores.
The company’s flaghship Jewellery domestic operations grew of 25% YoY in Q2 after a relatively soft Q1. Consumer demand significantly picked up momentum after the reduction in custom duty on gold imports from 15% to 6% leading to a strong double digit uptick in gold (plain) for the quarter.
Mia added a new store in Abu Dhabi during the quarter. Of the 23 new store additions (net) in India, 11 stores were in Tanishq, 11 in Mia and 1 in Zaya respectively.
Watches & Wearables domestic business grew 19% YoY. Revenue growth in Analog was around 25% YoY well supported by both volume and value growths. Wearables witnessed a revenue decline in low double-digits in a category that is continuing to see significant decline. The division added 34 new stores (net) in the quarter consisting of 18 stores in Titan World, 14 in Helios and 2 in Fastrack respectively.
The EyeCare division's business grew 6% YoY. The secondary sales growths were nearly similar with buyer growths growing marginally higher YoY. Titan Eye+ added 2 new stores (net) in India during the quarter.
In emerging businesses, Taneira's revenue grew 11% YoY. The brand opened 4 new stores during the quarter, two of them in the new cities of Indore and Prayagraj. The Fragrances & Fashion Accessories Revenue grew 17% YoY. Within businesses, Fragrances grew by 19% YoY and Fashion Accessories grew 11% YoY.
The company’s Caratlane business clocked 28% YoY, growth aided by activations and healthy growth in brand searches. Buyers grew 24% YoY and the like-to-like (secondary) growths were 21% YoY. Studded ratio was higher compared to Q2 FY24. Business added 11 new domestic stores (net) in the quarter expanding its network presence to 286 stores pan-India.
Titan Company is the fifth largest integrated own brand watch manufacturer in the world. It is widely known for transforming the watch and jewellery industry in India and for shaping India's retail market by pioneering experiential retail.
The Tata Group Company reported marginal decline in standalone net profit to Rs 770 crore in Q1 FY25 as against Rs 777 crore posted in Q1 FY24. Revenue from operations jumped 9.92% year on year (YoY) to Rs 11,105 crore in the quarter ended 30 June 2024.
Shares of Titan Company declined 2.33% to currently trade at Rs 3,577.85 on the BSE.