Titan Company has reported stellar growth for the third fiscal quarter, with revenue increasing by 24% year-on-year in the period ending December 31, 2024. The company, which owns iconic brands like Tanishq, Mia, and online retailer CaratLane, saw a 26% jump in jewelry revenues, while sales from watches and wearables rose 15%.
This boost came during India’s crucial festive season, which includes major celebrations like Diwali and Dhanteras, as well as the start of wedding season—a period when jewelry purchases traditionally peak. Gold jewelry sales experienced a significant surge, with plain gold growing by 24% and gold coin sales skyrocketing 48%. In addition, studied jewelry, including diamond and gemstone pieces, saw a 21% increase.
According to Titan, "strong festive demand" during the Diwali season, along with high single-digit buyer growth and double-digit ticket-size growth, contributed to the rise in sales. Titan's strategy to focus on gold’s appeal as both a festive purchase and an investment has proven successful.
Additionally, CaratLane, which was acquired for $557 million in 2024, enjoyed a 25% growth in sales, fueled by the opening of its first international store in New Jersey and 19 new domestic locations. With 69 new stores added across the country, Titan's reach continues to grow, further cementing its dominance in India’s jewelry market.
As the company prepares to release its full financial results for the quarter in February 2025, it's clear that Titan is poised to ride the momentum of the festive season into a highly successful year ahead.