Diwali sales lifted Titan Company’s jewellery division Tanishq’s y-o-y growth sales in Q3 FY 2020-21 by 17% to $1.06 billion in the three months ending December 31.
While significant recovery was recorded in the diamond-studded segment of the jewellery business, coin sales continue to remain high contributing to 8% of Q3 sales. The studded segment improved in Q3 2021 to 26% as against 29% in Q3 2020, while the wedding jewellery segment also witnessed very good growth in the quarter including at subsidiaries. Profit increased by 12% to $73 million.
The company recorded the highest ever profits in any quarter during the pandemic. The company's retail chain, including CaratLane, stands at 1,854 stores, as of 31st December 2020 with a retail area crossing 2.4 million sq. ft. for all its brands covering 292 towns. CaratLane’s Q3 revenue grew 38% year-on-year to $40.89 million, doing well both online by +68% and offline by +43%.
Sales for the first nine months of the fiscal year dipped 13% to $ 1.97 billion against the same period in 2019. Profit decreased by 65% to $55.9 million.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Source: Rough Polished 16-2-2021
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